CREC secures PHP3.975bn from BPI to complete 113MW solar project in the Philippines

Citicore Renewable Energy Corporation (CREC) has signed a PHP3.975bn ($71mn) project finance facility with Bank of the Philippine Islands (BPI) to support the completion of its Citicore Solar Pangasinan 2 project, a 113-megawatt peak (MWp) solar power plant located in Binalonan, Pangasinan. The agreement was signed during an event attended by senior executives from both parties, marking a new milestone in the expansion of solar energy infrastructure in the Philippines.

A strategic loan for a nationally significant project

The Citicore Solar Pangasinan 2 project is one of CREC’s priority developments, forming part of its goal to reach five gigawatts of installed capacity within five years. Currently under construction, the site has been granted a Certificate of Energy Project of National Significance (CEPNS) by the Department of Energy (DOE), which expedites regulatory processes to support timely completion before year-end.

The financing is structured as a long-term loan, with BPI Capital Corporation acting as the sole lead arranger. While repayment terms have not been publicly disclosed, the facility supports a 20-year power purchase agreement with the Philippine Government, awarded to CREC under the Green Energy Auction Program 2 (GEA-2) in 2023.

Regional expansion backed by bank partnerships

Citicore Solar Pangasinan 2 is one of three CREC projects in the province, alongside Citicore Solar Pangasinan in Sta. Barbara, which is also under construction, and Citicore Wind Pangasinan, currently in early development. All three projects contribute to CREC’s broader objective of strengthening its footprint in the Philippine renewable energy market.

The partnership with BPI, one of the country’s largest financial institutions, reflects the growing role of project financing in the Philippine energy sector. Representatives from both companies highlighted the importance of structured financing in ensuring the viability and timely delivery of large-scale infrastructure projects amid rising energy demand.

Long-term impact on national solar output

With commercial operations expected to begin before year-end, Citicore Solar Pangasinan 2 is set to contribute significantly to the diversification of the national energy mix. All GEA-2 awarded projects are supported by long-term offtake agreements, providing revenue stability for operators and enhanced visibility for financial institutions.

Official data suggests the 113MWp plant could supply power to several tens of thousands of Filipino households once fully operational. The joint commitments of CREC and BPI to this project mark a key step in scaling up renewable energy assets across Southeast Asia.