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Manila Bulletin devider Business devider Trade & Industry devider CREC expands solar portfolio with ₱4-bilion Landbank loan

CREC expands solar portfolio with ₱4-bilion Landbank loan

Published Jul 15, 2026 01:14 pm

Renewable energy (RE) firm Citicore Renewable Energy Corp. (CREC) is set to expand its solar presence in Pampanga and Nueva Ecija provinces after securing a loan from state-run Land Bank of the Philippines (Landbank).

In a statement on Wednesday, July 15, CREC said it plans to add 82 megawatts-peak (MWp) of solar capacity and 106 megawatt-hours (MWh) of battery energy storage to its portfolio following its ₱4.05-billion loan agreement with Landbank.

The financing will support the completion of its solar projects under Citicore Solar Embedded Inc. (CS Embedded). Each solar facility will have a capacity of 41 MWp, complemented by a 53-MWh battery energy storage system (BESS).

The 41-MWp Nueva Ecija project will mark the company’s entry into the province.

CREC President and Chief Executive Officer (CEO) Oliver Tan said the investment aligns with Landbank’s commitment to support the development of RE.

“This collaboration also underscores the critical role of public-private partnerships (PPPs) in advancing the Department of Energy’s (DOE) target of increasing RE’s share in the country’s power generation mix to 50 percent by 2040,” he said.

The Pampanga solar farm will follow the company’s first two developments in Arayat-Mexico, which have a combined capacity of 157 MW.

CREC has also partnered with Pampanga I Electric Cooperative (PELCO I) and Nueva Ecija’s San Jose City Electric Cooperative (SAJELCO) to connect the plants directly to the distribution utilities (DUs). This will help reduce system losses and lower electricity rates for end-users.

“Our partnership with CREC reflects Landbank’s commitment to financing transformative projects that expand access to reliable power, create opportunities, and accelerate the country’s green transition. We are fully committed to ensuring our rural communities benefit from a cleaner, more secure energy grid,” said Landbank President and CEO Lynette Ortiz. - Gabriell Christel Galang

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Citicore Renewable Energy Corp. (CREC) LANDBANK
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