By Henry Empeño | October 23, 2026

MANILA — Leading solar power producer Citicore Renewable Energy Corporation (CREC) has availed of a P35.014-billion fund from three major banks, marking the firm’s largest syndicated financing to date, to undertake five solar projects in Batangas.

CREC secured funding from the Bank of the Philippine Islands (BPI), Land Bank of the Philippines (LandBank), and the Development Bank of the Philippines (DBP) to accelerate delivery of its renewable energy pipeline.

The company, which focuses largely on solar power projects, already produces 1 gigawatt (GW) of installed renewable energy across 21 completed solar power sites in Luzon and the Visayas.

The loan facility, CREC officials said, will support the development of 900-megawatt peak (MWp) of additional solar capacity and 120 megawatt-hour (MWh) of battery energy storage systems (BESS).

“Projects of this scale require strong execution and the right financial partners, and we are deeply grateful to have BPI, LandBank and DBP alongside us,” said CREC President and CEO Oliver Tan.

“Ultimately, our goal goes beyond building capacity. We want to help shape the future of renewable energy in the Philippines,” he added.

The new Batangas projects comprise two 300-MWp solar plants and three 100-MWp solar plants integrated with a 40-MWh battery energy storage system.

The projects, awarded under the Department of Energy’s Green Energy Auction Program Round 4 (GEA-4), will further expand Citicore Renewables’ presence in Batangas, reinforcing its strategy of clustering projects to support more efficient project development and execution.

The firm currently produces 374 MWp of solar energy and 560 MWh of BESS in Batangas, with another 198-MWp solar facility nearing completion.

The five new solar projects are expected to generate approximately 1,300 gigawatt-hours (GWh) of clean electricity annually, enough to power roughly 550,000 Filipino households, while avoiding an estimated 850,000 tons of carbon dioxide emissions each year.

The projects are also expected to create local employment during construction and operations.

LandBank President and CEO Lynette V. Ortiz, meanwhile, said the financing “demonstrates how strong partnerships can mobilize capital for the country’s renewable energy goals.”

LandBank, she added, remains committed to financing strategic clean energy infrastructure that strengthens energy security, supports the transition to a low-carbon economy, and advances sustainable economic growth for the country.

BPI Institutional Banking Head Louie Cruz and DBP Senior Vice President Abener M. Balatbat likewise echoed their commitment to the country’s renewable energy goals and environmentally sustainable and climate-resilient infrastructure. ▲

COVER PHOTO: Citicore Renewables’ 125-MWdc Batangas 1 solar facility in Tuy, Batangas (Citicore)