Citicore Renewable Energy Taps PHP 3.975-B Financing from BPI to Accelerate Utility-Scale Solar Expansion Aligned With Philippines’ Energy Transition Goals

Citicore Renewable Energy Corporation (CREC) has secured a PHP 3.975-billion loan facility from the Bank of the Philippine Islands (BPI) to advance the completion of its 113-megawatt-peak Citicore Solar Pangasinan 2 project in Binalonan, Pangasinan.

The project finance agreement was signed on December 3 and is expected to enable completion of the solar project before the end of the year. The facility has already received a Certificate of Energy Project of National Significance (CEPNS) from the Department of Energy, ensuring faster regulatory approvals and permitting.

CREC President and CEO Oliver Tan said the deal reinforces the company’s mission to expand clean energy capacity in the Philippines. “With BPI… partnering with us through this project finance agreement, we strengthen our ability to deliver on our commitments and continue championing renewable energy in the country,” Tan stated.

The transaction also supports BPI’s sustainable financing priorities. “This partnership reflects our commitment to financing projects that drive sustainable progress,” said BPI Institutional Banking Head Louie Cruz. “By supporting CREC, we are enabling investments that not only deliver clean energy solutions but also create lasting positive impact for the communities.”

Citicore Solar Pangasinan 2 forms part of CREC’s aggressive growth roadmap toward its “5GW in five years” target. The project is among three CREC developments in Pangasinan awarded capacity under the Department of Energy’s Green Energy Auction Program 2 (GEA-2) in 2023. All three projects hold 20-year power supply agreements with the government.

BPI Capital Corporation acted as sole lead arranger for the financing. President Lester Ong said the collaboration reflects confidence in CREC’s strategy and aligns with national renewable energy targets.

Once operational, the Citicore Solar Pangasinan 2 project is expected to contribute additional utility-scale solar capacity to the Luzon grid, supporting supply diversification and long-term decarbonization goals.