BDO Unibank Inc. has offered to fund Citicore Renewable Energy Corporation (CREC) amounting to Php 5.6 billion for its 197-megawatt Tuy solar project, marking a substantial step to the latter’s goal of becoming the Philippines’ largest solar farm developer with a target of 5.0 gigawatts (GW) of installed capacity.
The funding offered by BDO for the initial phase of the Tuy solar project is expected to generate enough electricity to power around 32,308 households once it is in full commercial operation.
Citicore, which is gearing up to install 1,000 MW of solar capacity annually over the next five years, is tapping capital markets to secure the necessary funding for this ambitious vision. BDO Capital will serve as the domestic lead manager and joint bookrunner for these efforts.
In addition to this, BDO is exploring opportunities to finance Citicore’s expansion into onshore and offshore wind farms, as well as the integration of energy storage systems (ESS) into its renewable energy projects.
CREC is diversifying its renewable energy portfolio, aiming to include onshore and offshore wind projects alongside ESS, according to the company.
Additionally, Citicore’s shift to renewable energy aims to help reduce the country’s reliance on fossil fuels. The eventual integration of energy storage systems is anticipated to make renewable energy technologies a more reliable solution for the country’s power needs.
BDO’s investment in Citicore’s projects is a testament to the bank’s commitment to sustainable development. It continues to support the growth and expansion of renewable energy ventures, a sector BDO considers essential for financing.
