Citicore Renewable Energy Corporation (CREC) says that it has obtained a financing arrangement amounting to Php 20 billion with Rizal Commercial Banking Corporation (RCBC).
In a report by Manila Bulletin, CREC said this funding arrangement would be used to finance several solar power plant projects with a combined generating capacity of around 600 megawatts direct current (MWdc) to a maximum of one gigawatt (GW) capacity of solar energy.
The deal, which would amount to around Php 20 billion in funding, was organized by RCBC Capital Corporation, with the approval of the initial installment amounting to Php 9 billion.
The construction of specific solar power plants by CREC in Pampanga, Batangas, and Negros Occidental would be partly funded by the earnings of the first funding tranche as it was essential to the corporation’s target of providing 1 GW annually for the next five years.
Meanwhile, the succeeding trenches would be utilized to the realization of added capacity from a portfolio of upcoming projects currently in different stages of development.
CREC’s President and CEO Oliver Tan said that the support of the financial firm would enable the corporation to realize its 1 GW target for this year.
Moreover, the first phase of the Negros Occidental project is expected to commence commercial operations in September 2024, followed by the second phase in 2025.
Similarly, the first phase of the Pampanga and Batangas projects is slated for commercial operation in December 2024, with the second phase scheduled for 2025.
