CREC advances Pangasinan solar project through P4.4 billion project finance loan with Security Bank

Citicore Renewable Energy Corporation (CREC), together with Security Bank Corporation and Security Bank Capital Investment Corporation, recently held the ceremonial signing for a project finance loan facility amounting to P4.4 billion towards the completion of CREC’s 125MWp Citicore Solar (CS) Pangasinan project, located in Sta. Barbara, Pangasinan

The event was attended by CREC President and CEO Oliver Tan; CREC Chief Financial Officer Lucia Roderos; Security Bank SVP and Head of Corporate Banking Group Yvonne Joanna P. Marcelo; and Security Bank Capital President and CEO Virgilio O. Chua, among other officials.

"Project finance is key to realizing the renewable energy transition, with projects like CS Pangasinan able to move faster and mitigate risks with the support of partners like Security Bank, who understand that sustainability requires cooperation between industries." said Oliver Tan, CREC President and CEO.

“Security Bank understands the financial requirements needed for renewable energy developments. Through this project finance loan with Citicore, we are able to contribute not only to Citicore’s growth and development but also play a part in our national transformation to cleaner energy resources which in turn pushes national development,” said Security Bank SVP and Head of Corporate Banking Group Yvonne Joanna P. Marcelo.

Citicore Solar Pangasinan is one of CREC’s priority projects in its first of five gigawatts in five years goal. Currently under construction, the project received a Certificate of Energy Project of National Significance (CEPNS) from the Department of Energy (DOE), accelerating the process needed for its timely completion before year-end.

“By supporting Citicore’s Sta. Barbara solar power project, we acknowledge that achieving long-term energy security requires proactive investment and development today. We see this financing not only as a catalyst for clean energy development but also as a means to create meaningful socioeconomic benefits, including local job creation and land use optimization”, said Security Bank Capital President and CEO, Virgilio O. Chua.

Citicore Solar Pangasinan in Sta. Barbara is also one of three CREC projects in the province together with Citicore Solar Pangasinan 2 in Binalonan (under construction) and Citicore Wind Pangasinan (in early development). All three projects are part of the capacities won by CREC during the DOE’s Green Energy Auction Program (GEAP)-2 in 2023, securing a 20-year offtake contract with the Philippine Government.