Citicore Renewable Energy Corporation (CREC) has entered into a project finance agreement worth $77.5 million with Security Bank Corporation and Security Bank Capital Investment Corporation. The financing will support the completion of the Citicore Solar Pangasinan project, with a planned installed capacity of 125 MWp, currently under construction in Sta. Barbara, Pangasinan province.
A strategic project for CREC
The project is one of CREC’s priorities under its “five gigawatts in five years” strategy. This initiative involves commissioning several large-scale solar plants to increase national installed capacity. Citicore Solar Pangasinan has received a Certificate of Energy Project of National Significance (CEPNS) from the Department of Energy (DOE), enabling faster administrative and technical processing to complete the works before the end of the year.
Structured financing
According to CREC, using dedicated project financing helps reduce risks and optimise project execution. The signing ceremony was attended by several executives, including Oliver Tan, President and Chief Executive Officer of CREC, Lucia Roderos, Chief Financial Officer, as well as Yvonne Joanna P. Marcelo, Senior Vice President and Head of Corporate Banking Group at Security Bank, and Virgilio O. Chua, President and Chief Executive Officer of Security Bank Capital.
Local economic impact
Security Bank Capital stated that this financing could generate local economic benefits, particularly through job creation and optimised land use. CREC believes that bringing the site into operation will contribute to strengthening national energy security by diversifying production sources and supporting the development of energy infrastructure in the provinces.
