Citicore Renewable Energy Corporation (CREC) has secured a PHP 3.975-billion project finance loan from the Bank of the Philippine Islands (BPI) to complete its 113-megawatt-peak Citicore Solar Pangasinan 2 project in Binalonan, Pangasinan—one of the company’s key utility-scale builds under the government’s renewable energy auction program.

The loan facility was formally signed on December 3, positioning the project for completion before year-end. The solar farm has already obtained a Certificate of Energy Project of National Significance (CEPNS) from the Department of Energy, which fast-tracks permitting and regulatory processes.

“The success of our goals goes hand-in-hand with the trust and confidence of those who choose to partner with us,” said CREC President and CEO Oliver Tan. “With BPI, the oldest and one of the largest financial institutions in the Philippines, partnering with us through this project finance agreement, we strengthen our ability to deliver on our commitments and continue championing renewable energy in the country.”

For BPI, the transaction reinforces its push to expand sustainable finance in the power sector. “This partnership reflects our commitment to financing projects that drive sustainable progress. By supporting CREC, we are enabling investments that not only deliver clean energy solutions but also create lasting positive impact for the communities,” said BPI Institutional Banking head Louie Cruz.

Citicore Solar Pangasinan 2 forms part of CREC’s broader expansion roadmap as it works toward its “5GW in five years” target. The project is one of three CREC developments in Pangasinan, alongside the Citicore Solar Pangasinan project in Sta. Barbara, which is also under construction, and the Citicore Wind Pangasinan project, now in early development.

All three projects were awarded capacity under the Department of Energy’s Green Energy Auction Program 2 (GEA-2) in 2023 and carry 20-year offtake contracts with the Philippine government, providing long-term revenue visibility.

BPI Capital Corporation served as the sole lead arranger of the transaction. “Our active participation as the exclusive arranger of the loan is an important reflection of BPI Capital’s trust in CREC’s vision. Accelerating projects of this magnitude is a key strategic contribution in achieving the renewable energy target in the Philippine Energy Plan,” said BPI Capital President Lester Ong.

Once completed, the 113-MWp facility is expected to add to the Luzon grid’s growing pool of utility-scale solar capacity secured under the government’s auction program, supporting supply diversification and long-term decarbonization targets.

What does this deal signal for the pace of bank-backed renewable energy buildout in the Philippines? Share your take on how project financing is shaping the next phase of the country’s power transition.

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