Citicore Renewable Energy Corporation (CREC) has announced it secured a US$ 100 million financing deal with Pentagreen Capital allotted for its solar development vehicle Citicore Solar Energy Corporation (CSEC) to fast-track its project pipeline’s progress.
The said project is in line with its planned rollout of 1 gigawatt (GW) renewable capacity in the next five years.
The landmark financing deal has a US$30 million initial commitment for its six solar power projects portfolio with a 490-megawatt (MW) capacity across the Luzon grid and will provide funding for the four greenfield projects’ construction.
The abovementioned solar projects are anticipated to expand CREC’s RE supply by approximately 691 gigawatt hours (GWHs) which will aid in the elimination of greenhouse gas emissions of 430,000 tonnes of CO2 annually.
“Pentagreen’s partnership with Citicore Renewables is a vote of confidence in our ability to scale up, enabling us to achieve our planned 1GW project rollout this year, in line with our 5GW in 5 years roadmap,” CREC President and CEO Oliver Tan said in a statement.
On the other hand, Pentagreen Capital CEO Marat Zapparov said the company is delighted to partner and support Citicore Renewables’ ambition of eventually becoming the largest clean electricity supplier in the country.
Under the DOE Green Energy Auction Program (GEAP), Citicore Renewables was awarded 916.58MWac of RE capacity.
The solar projects support the Department of Energy’s (DOE) target of an additional 35% of the country’s energy needs from renewable sources by 2030 and 50% by 2040.