Citicore Renewable Energy Corporation (CREC) has signed a PHP 4.05-billion project finance loan facility with LANDBANK to support the development of two embedded solar projects under Citicore Solar Embedded, Inc.

The loan will finance two 41-megawatt-peak (MWp) solar power plants, each paired with a 53-megawatt-hour (MWh) battery energy storage system, in Pampanga and Nueva Ecija.

Once completed, the projects will add a combined 82 MWp of solar capacity and 106 MWh of battery storage to CREC’s installed capacity.

The Pampanga project will expand CREC’s presence in the province, following its 115-MW and 42-MW solar farms in Arayat-Mexico.

The Nueva Ecija project will be the company’s first development in the province.

Through Citicore Solar Embedded, CREC partnered with Pampanga I Electric Cooperative (PELCO I) and San Jose City Electric Cooperative (SAJELCO) for the two embedded solar plants.

In simple terms, an embedded solar facility is connected closer to the communities it serves, helping reduce dependence on power sourced farther away and supporting a more stable local distribution system.

CREC said this setup can potentially reduce system losses, lower electricity costs for end users, and help distribution utilities meet their Renewable Portfolio Standards (RPS) requirements.

“Our vision to Power a First World Philippines aligns with LANDBANK’s commitment to sustainable nation-building, enabling us to accelerate the delivery of renewable energy projects that advance the country’s energy transition and create lasting value for Filipino communities,” CREC President and CEO Oliver Tan said.

Tan said the collaboration also underscores the role of public-private partnerships in supporting the Department of Energy’s target of increasing renewable energy’s share in the country’s power generation mix to 50% by 2040.

LANDBANK President and CEO Lynette V. Ortiz said the partnership reflects the bank’s commitment to financing projects that expand access to reliable power and support the country’s green transition.

“Our partnership with CREC reflects LANDBANK’s commitment to financing transformative projects that expand access to reliable power, create opportunities, and accelerate the country’s green transition,” Ortiz said.

The agreement was signed on July 14, 2026, led by CREC Chairman Edgar B. Saavedra and Ortiz.

Also present were Tan, CREC Director Manuel Louie B. Ferrer, CREC Chief Financial Officer Michelle Magdato, LANDBANK Executive Vice President Charlotte I. Conde, LANDBANK Senior Vice Presidents Gonzalo Benjamin A. Bongolan and Vilma B. Cervantes, and LANDBANK First Vice President Ann Marijell B. Ong.

The financing supports CREC’s Central Luzon solar expansion and the broader use of embedded solar-plus-storage projects to serve distribution utilities.

Can embedded solar-plus-storage projects help electric cooperatives reduce losses while expanding access to renewable energy?

Follow Power Philippines on Facebook and LinkedIn or join our Viber community for more updates.