Image: Oskar Kadaksoo, Unsplash
Citicore Renewable Energy Corp. (CREC), Security Bank Corp. and Security Bank Capital Investment Corp. have signed a PHP 4.4 billion project Finance Loan Facility for a 125 MW solar project in the Philippines.
CREC is building the Citicore Solar Pangasinan project in Santa Barbara on the island of Luzon. The Ministry of Energy of the Philippines (DIY) has issued the project a certificate of Energy Project of National Significance (CEPNS), require completion before the end of the year.
CREC is developing two other projects in Santa Barbara: the substructure Citicore Solar Pangasinan 2 and a wind energy factory in early development.
The Filipino government allocated all three projects in the second auction of the country in 2023 and signed 20-year-old Offtaker agreements for them.
CREC focuses on 5 GW of project implementation within five years. In June, Indonesia, a subsidiary of PT Pertamina, a subsidiary, acquired an interest of 20% in CREC.
The first megawatt scale floating solar factory in the Philippines achieved completion earlier this month. The German sun company IB Vogt began to develop a 99 MW solar project in the south of the country.
The International Renewable Energy Agency (Irena) reported that the cumulative solar capacity of the Philippines over 2024 over 2.9 GW exceeded.
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