Citicore Renewable Energy Corporation and Rizal Commercial Banking Corporation Arranged a Financing Agreement

A financing agreement has been reached between Citicore Renewable Energy Corporation (CREC) and Rizal Commercial Banking Corporation (RCBC) to finance the construction of several solar power plant projects with a combined installed generating capacity of at least 600 MWdc and up to roughly 1 GW.

With the signing of a P9 billion initial tranche, the financing agreement, handled by RCBC Capital Corporation, is expected to reach up to P20 billion in funds. The arrangement, which spans many project portfolios as opposed to the customary per-project financing structure, is said to be the first of its sort in the Philippines for project finance.

The initial funding tranche's earnings would go toward CREC's development of specific solar power plant projects in Negros Occidental, Pampanga, and Batangas. The proceeds from subsequent tranches will be used to finish other solar power projects or add more producing capacity to CREC's pipeline of projects that are in different phases of development.

“RCBC’s support will assist us to fulfill our 1GW target for this year,” said CREC President and CEO Mr. Oliver Tan. “We thank RCBC for their trust in us and we will endeavor to meet our goals with excellence.”

The construction of solar power plants in Batangas, Pampanga, and Negros Occidental is essential to CREC's goal of providing 1 GW of solar energy capacity annually over the next five years that is ready to be built or under construction. The first and second stages of the Negros Occidental project are scheduled to begin commercial operations in September 2024 and 2025, respectively. Meanwhile, December 2024 and December 2025, respectively, are the anticipated dates of commercial operation for the first and second stages of the projects in Pampanga and Batangas.

Citicore Renewable Energy Corporation (CREC) is a wholly-owned subsidiary of the Citicore Power, Inc. (CPI). CREC is a leading pure renewable energy developer and operator of solar, run-of-river hydro, and off-shore wind energy platforms in the country.