Citicore Renewable Energy Corporation (CREC) has secured USD 55-million in financing from Pentagreen Capital, manager of blended finance strategy under Singapore’s Financing Asia’s Transition Partnership (FAST-P), to accelerate the rollout of solar and battery storage projects across the Philippines.

Signed today, the development and construction loan will fund up to 2 gigawatts (GW) of solar generation capacity and 760 megawatt-hours (MWh) of battery storage. The financing will support initial projects across eight solar facilities totaling 610 megawatts peak (MWp) in Pangasinan, Pampanga, Batangas, and Negros Occidental. Three Batangas sites will integrate battery storage systems, including the country’s first baseload solar plant, enhancing grid stability and providing 24/7 renewable electricity.

CREC said these projects are estimated to generate 914 GWh of clean energy annually, enough to power approximately 240,000 Filipino households, while reducing carbon dioxide emissions by an estimated 630,000 tonnes per year. 

Additionally, the initiatives will incorporate CREC’s AgroSolar program, promoting sustainable farming practices beneath solar panels and supporting local farmers.

“We are honoured to extend our long-standing partnership with Citicore as the company surpasses its goal of completing 1GW of renewable capacity annually in the Philippines,” Marat Zapparov, CEO of Pentagreen Capital said. “Pentagreen Capital, with support of our partners in connection with Singapore’s FAST-P initiative, stands ready to support Citicore and its innovative approach to accelerating the region’s transition towards stable and reliable renewable energy sources.”

“In 2023, Pentagreen trusted our ability to scale towards our ambitious renewable energy goals. With our first 1 gigawatt nearing completion and preparation for our next gigawatt, Pentagreen remains an integral partner to Citicore,” Oliver Tan, CEO of CREC, said. “Their continued vote of confidence and support to our undertakings through this agreement will help us further accelerate our renewable energy developments—bringing clean, sustainable, and more affordable electricity for the country.”

How will this USD 55 million financing impact the pace of renewable energy adoption and grid stability in the Philippines? Share your thoughts and insights.

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