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Manila Bulletin devider Business devider Trade & Industry devider Philippine energy firm secures $55-million loan from SG company

Philippine energy firm secures $55-million loan from SG company

Published Oct 24, 2025 07:55 am
In photo: CREC President and CEO Oliver Tan (right) and Pentagreen Capital CEO Marat Zapparov (right) renew their partnership through a $55 million loan signed on Oct. 23, 2025.
In photo: CREC President and CEO Oliver Tan (right) and Pentagreen Capital CEO Marat Zapparov (right) renew their partnership through a $55 million loan signed on Oct. 23, 2025.
Citicore Renewable Energy Corp. (CREC) announced it has secured a development and construction loan from the Singaporean financing firm, Pentagreen Capital, to fund its renewable energy expansion in the Philippines.
CREC's unit, Citicore Solar Energy Corp., inked the $55 million (approximately ₱3.2 billion) financing deal with Pentagreen Capital. The funds are earmarked for the company's solar, hybrid solar, and battery energy storage system (BESS) projects across the country.
This loan acquisition will significantly support CREC’s goal of achieving up to 2 gigawatts (GW) of generation capacity and 760 megawatt-hours (MWh) of battery storage.
According to CREC, the budget will help develop 610 MWp of solar projects located in Pangasinan, Pampanga, Batangas, and Negros Occidental.
Additionally, three of these projects in Batangas will be integrated with a 760 MWh BESS. This system is designed to store excess power and release the capacity to the grid when needed, ensuring a more stable power supply.
Once developed, the renewable energy (RE) company expects to contribute about 914 GWh of supply to the grid. This output is projected to power around 240,000 households and minimize up to 630,000 tons of carbon dioxide emissions.
CREC’s Chief Executive Officer Oliver Tan stated that the company has already begun formulating the loan agreement through its long-standing collaboration with the Singaporean firm, in an effort to boost its RE goals.
“With our first 1 gigawatt nearing completion and preparation for our next gigawatt, Pentagreen remains an integral partner to Citicore. Their continued vote of confidence and support to our undertakings through this agreement will help us further accelerate our renewable energy developments—bringing clean, sustainable, and more affordable electricity for the country,” Tan said.
Marat Zapparov, Pentagreen’s CEO, commented, “Pentagreen Capital, with support of our partners in connection with Singapore’s FAST-P initiative, stands ready to support Citicore and its innovative approach to accelerating the region’s transition towards stable and reliable renewable energy sources.”
At present, CREC has a gross installed capacity of about 526 megawatts direct current (MWdc) and a project pipeline totaling 5 GW.
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