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CREC secures P20-B financing from RCBC

Business | The Stock Market

CREC secures P20-B financing from RCBC

By James A. Loyola

Citicore Renewable Energy Corporation (CREC) reported that it has secured financing arrangement of up to P20 billion with Rizal Commercial Banking Corporation (RCBC) for the funding of multiple solar power plant projects.

In a statement, the firm said the projects will have a combined installed generating capacity of at least 600MWdc and up to approximately 1GW of solar energy capacity.

Citicore Silay solar-2 project.jpg — The groundbreaking of the 69-megawatt solar power plant of Citicore Renewable Energy in Barangay Eustaquio Lopez, Silay City on February 20, was led by Mayor Joedith Gallego (center) CREC President and CEO Oliver Tan (5th from left) and CREC Chairman Edgar Saavedra (3rd from left). Joining them were CREC Board Member Manuel Frederick Ko, and CREC Director Manuel Louie Ferrer.

The financing deal, arranged by RCBC Capital Corporation, is slated to reach up to P20 billion in funding, starting with the signing of an initial tranche of P9 billion.

The structure is believed to be the first-of-its-kind project financing in the Philippines, which covers various project portfolios instead of the typical per-project financing structure.

The proceeds of the initial funding tranche will be applied towards CREC’s development of certain solar power plant projects in Batangas, Pampanga, and Negros Occidental.

The proceeds of subsequent tranches will be applied towards the completion of additional solar power projects in or additional generating capacity from CREC’s pipeline of projects in various stages of development.

Citicore President and CEO Oliver Y. Tan.jpg — CREC President and CEO Oliver Tan

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

The solar power plant projects in Batangas, Pampanga and Negros Occidental are integral to CREC’s target of contributing 1GW of ready-to-build/under construction solar energy capacity per year over the next five years.

The expected commercial operation dates for the first and second phases of the Negros Occidental project are in September 2024 and 2025, respectively.

Meanwhile, the expected commercial operation dates for the first and second phases of each of the Batangas and Pampanga projects are in December 2024 and 2025, respectively.

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Citicore Renewable Energy Corporation Oliver Tan

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