Citicore Renewable Energy Corporation (CREC) has secured a PHP 4.4 billion project finance loan from Security Bank Corporation and Security Bank Capital Investment Corporation to advance the 125MWp Citicore Solar Pangasinan project in Sta. Barbara, Pangasinan.

The ceremonial signing was attended by CREC President and CEO Oliver Tan, CREC Chief Financial Officer Lucia Roderos, Security Bank SVP and Head of Corporate Banking Group Yvonne Joanna P. Marcelo, and Security Bank Capital President and CEO Virgilio O. Chua.

“Project finance is key to realizing the renewable energy transition, with projects like CS Pangasinan able to move faster and mitigate risks with the support of partners like Security Bank, who understand that sustainability requires cooperation between industries,” said Tan.

“Security Bank understands the financial requirements needed for renewable energy developments. Through this project finance loan with Citicore, we are able to contribute not only to Citicore’s growth and development but also play a part in our national transformation to cleaner energy resources which in turn pushes national development,” Marcelo added.

Currently under construction, the Sta. Barbara solar power project holds a Certificate of Energy Project of National Significance (CEPNS) from the Department of Energy, which accelerates permitting and development timelines. The project is among CREC’s top priorities under its goal to develop five gigawatts of capacity within five years.

“By supporting Citicore’s Sta. Barbara solar power project, we acknowledge that achieving long-term energy security requires proactive investment and development today. We see this financing not only as a catalyst for clean energy development but also as a means to create meaningful socioeconomic benefits, including local job creation and land use optimization,” said Chua.

The project is one of three CREC initiatives in Pangasinan, alongside Citicore Solar Pangasinan 2 in Binalonan and Citicore Wind Pangasinan. All three projects secured 20-year offtake contracts with the government under the Department of Energy’s Green Energy Auction Program (GEAP)-2 in 2023.

What are your thoughts on CREC’s expanding renewable energy footprint in Pangasinan? Join the conversation with other professionals in the energy sector.

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