Citicore Renewable Energy Corp. (CREC) has secured P4.05 billion in fresh financing from state-run Land Bank of the Philippines (LandBank) to accelerate the rollout of new solar projects in Central Luzon.

The listed renewable energy developer said Wednesday that the project finance loan will fund the construction of two 41-megawatt-peak (MWp) solar power plants with 53-megawatt-hour (MWh) battery energy storage systems under Citicore Solar Embedded Inc. (CS Embedded) in Pampanga and Nueva Ecija.

Once completed, the projects will add a combined 82 MWp of solar capacity and 106 MWh of battery storage to CREC’s installed portfolio.

Building on CREC’s existing investments

The Pampanga facility will build on the company’s existing investments in the province, where it already operates 115-MW and 42-MW solar farms in Arayat-Mexico. The Nueva Ecija development, meanwhile, will mark CREC’s first project in the province.

“Our vision to Power a First World Philippines aligns with LandBank’s commitment to sustainable nation-building, enabling us to accelerate the delivery of renewable energy projects that advance the country’s energy transition and create lasting value for Filipino communities,” CREC president and CEO Oliver Tan said.

Critical role of PPP

“This collaboration also underscores the critical role of public-private partnerships in advancing the Department of Energy’s target of increasing renewable energy’s share in the country’s power generation mix to 50 percent by 2040,” he added.

Through CS Embedded, CREC has partnered with Pampanga I Electric Cooperative and San Jose City Electric Cooperative under the hybrid solar power project model the company introduced in 2025.

The projects will be directly connected to the distribution utilities, potentially reducing system losses, lowering electricity costs for consumers, and helping electric cooperatives meet their renewable energy sourcing requirements under the Renewable Portfolio Standards.

LandBank-CREC partnership

Meanwhile, LandBank president and CEO Lynette V. Ortiz said: “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.”