BDO Unibank Inc. has provided P5.6 billion in project funding to Citicore Renewable Energy Corporation (CREC) for the development of the 197-megawatt Tuy solar project. This substantial investment is part of CREC’s ambitious goal to become the largest solar farm developer in the Philippines, with plans to install 5.0 gigawatts of solar energy capacity.
BDO is not only supporting CREC’s solar initiatives but is also looking to expand its project financing to cover Citicore’s future ventures in renewable energy. These ventures include onshore and offshore wind farm projects and the integration of energy storage systems (ESS) to enhance energy reliability and sustainability.
According to CREC, the diversification into wind energy and ESS is part of their strategy to build a more comprehensive renewable energy portfolio over the medium to long term. The company aims to consistently advance its renewable energy developments, targeting the installation of 1,000 megawatts of solar power annually over the next five years.
BDO’s continued financial support for CREC’s projects reflects its strong commitment to sustainable development and the growth of renewable energy in the Philippines. The bank views renewable energy as a cornerstone sector for its financing initiatives, aligning with its strategy to foster sustainable economic growth.
In addition to the current funding, Citicore plans to raise additional capital through the markets to support its ongoing expansion goals. BDO Capital has been appointed as the domestic lead manager and joint bookrunner for these future funding activities, reinforcing its pivotal role in advancing the renewable energy sector in the Philippines.
The partnership between BDO and Citicore highlights a shared vision of fostering sustainable energy solutions and contributing to the country’s renewable energy transition.
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