CITICORE Renewable Energy Corp. said Wednesday that it had signed a P4.05-billion project finance loan facility agreement with Land Bank of the Philippines (LandBank) to fund the completion of two solar projects in Pampanga and Nueva Ecija.
The solar projects are being developed by its subsidiary, Citicore Solar Embedded Inc. (CS Embedded).
“Our vision... aligns with LandBank’s commitment to sustainable nation-building,” Citicore Renewable President and CEO Oliver Tan said.
The loan will finance the development of two 41-megawatt-peak (MWp) solar power plants, each complemented with a 53-megawatt-hour (MWh) battery energy storage system, in the provinces of Pampanga and Nueva Ecija.
Upon completion, the projects will add a total of 82 MWp and 106 MWh to Citicore Renewable’s combined installed energy portfolio.
The company said it had partnered with Pampanga I Electric Cooperative and San Jose City Electric Cooperative in Nueva Ecija through CS Embedded to help develop the two solar plants.
The two solar plants are embedded, or directly connected to distribution utilities and could potentially help reduce system losses while lowering electricity costs for consumers, it added.
The company said the Pampanga project was also expected to further strengthen its presence and investments in the province, where it already operates 115-MW and 42-MW solar farms in the Arayat-Mexico area, while the Nueva Ecija project serves as its first development in that province.
Citicore Renewable shares on Wednesday went up by P0.11, or 2.51 percent, to close at P4.50 apiece.
