Citicore Renewable Energy Corporation (CREC) has secured ₱35.014 billion in syndicated project financing from three major Philippine financial institutions to develop five large-scale solar power projects in Batangas, with a combined capacity of 900 megawatt-peak (MWp). The financing will support the construction of solar facilities integrated with battery energy storage systems (BESS), strengthening renewable energy generation and supporting electricity supply stability in the Philippines.
The financing package was jointly provided by the Bank of the Philippine Islands, Land Bank of the Philippines, and the Development Bank of the Philippines. According to the company, this is its largest syndicated financing secured to date, highlighting continued support from the banking sector for renewable energy infrastructure development.
The five projects comprise two solar power plants with capacities of 300 MWp each and three additional facilities with capacities of 100 MWp each. The three smaller projects will each include a 40-megawatt-hour (MWh) battery energy storage system, resulting in a combined storage capacity of 120 MWh across the portfolio. All five developments were awarded under the fourth round of the Department of Energy’s Green Energy Auction Program.
Once operational, the projects are expected to generate approximately 1,300 gigawatt-hours (GWh) of clean electricity annually. This generation is estimated to be sufficient to supply around 550,000 Filipino households. The facilities are also projected to prevent approximately 850,000 tonnes of carbon dioxide emissions each year, contributing to the country’s emissions reduction and clean energy objectives.
The development will further expand Citicore’s renewable energy portfolio in Batangas, where the company already operates solar generation and battery storage facilities. Additional capacity in the region is also nearing completion, supporting its plans to increase its presence in the Philippine renewable energy market.
Company executives said the financing milestone would accelerate project development and strengthen the company’s growth plans. The participating banks also highlighted the importance of large-scale renewable energy investments in supporting sustainable economic development and meeting the country’s increasing electricity demand.
The projects are expected to create employment opportunities during construction and subsequent operations, generating additional economic activity across Batangas. By combining utility-scale solar generation with battery storage, the developments will support the Philippines’ transition toward cleaner electricity while contributing to energy security and the expansion of domestic renewable energy capacity.
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