Citicore Renewable Energy Corporation (CREC) has secured ₱35.014 billion in syndicated project financing from three major Philippine banks to develop five solar power projects in Batangas with a combined capacity of 900 megawatt-peak (MWp).
The financing, provided by the Bank of the Philippine Islands (BPI), Land Bank of the Philippines (LANDBANK), and Development Bank of the Philippines (DBP), marks the company’s largest syndicated financing to date. The projects will also include 120 megawatt-hours (MWh) of integrated battery energy storage systems (BESS).
The five projects consist of two 300-MWp solar plants and three 100-MWp facilities, each of the latter equipped with a 40-MWh battery storage system. The entire capacity has been awarded under the Department of Energy’s Green Energy Auction Program Round 4 (GEA-4).
According to CREC, the projects are expected to generate approximately 1,300 gigawatt-hours of clean electricity annually, enough to supply around 550,000 Filipino households. They are also projected to prevent about 850,000 tonnes of carbon dioxide emissions each year.
The expansion will strengthen Citicore’s existing renewable energy portfolio in Batangas, where it currently operates 374 MWp of solar capacity and 560 MWh of battery storage. An additional 198 MWp of solar capacity is nearing completion.
CREC President and Chief Executive Officer Oliver Tan described the financing as a major milestone in accelerating the company’s renewable energy development, citing the importance of strong financial partnerships in delivering large-scale projects.
Meanwhile, the three banks emphasized their commitment to supporting clean energy infrastructure, improving the country’s energy security, and promoting sustainable economic growth.
Beyond increasing renewable energy capacity, the projects are expected to generate local employment opportunities during construction and operations, contributing to economic activity in Batangas.
The development underscores the growing role of financial institutions in supporting the Philippines’ transition to cleaner energy while helping meet the country’s increasing electricity demand.
