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Manila Bulletin devider Business devider Trade & Industry devider Citicore secures ₱4.4-billion loan from Security Bank for Pangasinan solar project

Citicore secures ₱4.4-billion loan from Security Bank for Pangasinan solar project

Published Aug 7, 2025 10:31 am
Renewable energy (RE) developer Citicore Renewable Energy Corp. (CREC) announced that it has secured a loan from Security Bank Capital Investment Corp. for its solar project in Pangasinan.
In a disclosure to the Philippine Stock Exchange on Thursday, Aug. 7, CREC said it signed a project finance loan facility with Security Bank worth ₱4.4 billion to complete the 125 megawatt-peak Citicore Solar (CS) Pangasinan project in Sta. Barbara.
Construction is already underway following the Department of Energy’s (DOE) issuance of a Certificate of Energy Project of National Significance (CEPNS), which is expected to help ensure the project's completion before the end of the year.
According to CREC president and chief executive officer (CEO) Oliver Tan, this funding would help expedite the project, as it is one of the company’s priority assets contributing to its goal of achieving one-gigawatt-per-year capacity.
“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,” he said.
Security Bank senior vice president and head of corporate banking, Joanna Marcelo, added that this partnership would help support the country’s goal of increasing cleaner energy alternatives.
“Security Bank understands the financial requirements needed for renewable energy developments,” she said.
“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,” Marcelo added.
Security Bank president and CEO, added, “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.”
Apart from the Pangasinan solar project in Sta. Barbara, it also has projects with Citicore Solar Pangasinan 2 in Binalonan, which is currently under construction, as well as Citicore Wind Pangasinan, which is in the early stages of development.
“All three projects are part of the capacities won by CREC during DOE’s Green Energy Auction Program (GEA-2) in 2023, securing a 20-year offtake contract with the Philippine government,” the company stated.

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