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Manila Bulletin devider Business devider The Stock Market devider Citicore gets ₱4-billion debt to finish Binalonan solar project

Citicore gets ₱4-billion debt to finish Binalonan solar project

Published Dec 4, 2025 11:38 am
Citicore Renewable Energy Corp. (CREC) is accelerating the final phase of its solar energy development in Pangasinan after securing a ₱3.975 billion loan facility from the Bank of the Philippine Islands (BPI).
The funding will complete the 113 megawatt-peak (MWp) Citicore Solar Pangasinan 2 project (CS Pangasinan 2) in Binalonan, which is currently under construction and scheduled for completion before the end of the year, CREC said in a statement Thursday, Dec. 4.
CS Pangasinan 2 is one of three CREC renewable energy (RE) facilities in the province. The others include the under-construction CS Pangasinan project in Sta. Barbara and the early-stage Citicore Wind Pangasinan project.
All three assets were awarded 20-year power offtake contracts after winning the Department of Energy’s (DOE) second Green Energy Auction (GEA-2) program in 2023.
Oliver Tan, CREC President and CEO, said the partnership with BPI will help the company meet its renewable energy goals.
“The success of our goals goes hand-in-hand with the trust and confidence of those who choose to partner with us,” Tan said. “With BPI... partnering with us through this project finance agreement, we strengthen our ability to deliver on our commitments and continue championing renewable energy in the country.”
Louie Cruz, BPI Head of Institutional Banking, cited the importance of financing sustainable developments like the solar facility.
“By supporting CREC, we are enabling investments that not only deliver clean energy solutions but also create lasting positive impact for the communities,” Cruz noted.
Lester Ong, President of BPI Capital, added that "Accelerating projects of this magnitude is a key strategic contribution in achieving the renewable energy target in the Philippine Energy Plan.”
CREC has a strategic goal of achieving five gigawatts (GW) of capacity within the next five years. Last month, the DOE awarded the company 1,212 MW of renewable capacity from its ground-mounted solar and solar with Integrated Renewable Energy and Energy Storage Systems (IRESS) developments, with offtake contracts running between 2026 and 2029.
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