Citicore Renewable Energy Corporation (CREC) has secured a ₱4.05 billion project finance loan facility from LANDBANK to support the development of two embedded solar power projects in the Philippines. The financing will accelerate the construction of the projects under Citicore Solar Embedded, Inc. (CS Embedded), strengthening the company’s renewable energy portfolio while contributing to the country’s clean energy transition.
The loan will be used to develop two 41-megawatt-peak (MWp) solar power plants located in the provinces of Pampanga and Nueva Ecija. Both projects will also include battery energy storage systems with a combined capacity of 106 megawatt-hours (MWh), equivalent to 53 MWh at each site. Once completed, the two facilities will add a total of 82 MWp of solar generation capacity and 106 MWh of battery storage to CREC’s installed renewable energy portfolio.
The Pampanga project will further expand CREC’s presence in the province, where the company already operates 115 MW and 42 MW solar farms in the Arayat-Mexico area. Meanwhile, the Nueva Ecija development will mark the company’s first renewable energy investment in the province, broadening its footprint across the country.
CREC President and Chief Executive Officer Oliver Tan said the financing agreement supports the company’s long-term vision of contributing to a cleaner and more sustainable energy sector in the Philippines. He noted that the partnership with LANDBANK aligns with the government’s objective of increasing renewable energy’s share in the national power generation mix to 50 percent by 2040. According to Tan, the collaboration also demonstrates the importance of public-private partnerships in accelerating renewable energy deployment and delivering long-term benefits to local communities.
LANDBANK President and Chief Executive Officer Lynette V. Ortiz said the bank remains committed to financing projects that support both economic development and environmental sustainability. She added that the partnership with CREC reflects the bank’s goal of expanding access to reliable electricity while helping rural communities benefit from a cleaner and more secure energy supply.
The projects will be developed through Citicore Solar Embedded, Inc. in partnership with Pampanga I Electric Cooperative (PELCO I) and San Jose City Electric Cooperative (SAJELCO). The developments will follow CREC’s hybrid solar power project model introduced in 2025.
Unlike conventional utility-scale projects, the embedded solar plants will be directly connected to the distribution utilities. This approach is expected to reduce transmission system losses, improve power delivery efficiency, and help lower electricity costs for consumers. The projects will also assist the partner distribution utilities in meeting their renewable energy sourcing obligations under the Philippines’ Renewable Portfolio Standards (RPS).
The financing agreement was officially signed on July 14, 2026, by senior executives from CREC and LANDBANK, marking another step in the expansion of renewable energy infrastructure in the Philippines.
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