Philippines | Citicore Secures $552 Million Financing for 900 MW Solar and 120 MWh Storage Portfolio

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October 26, 2026-

Philippine renewable energy developer Citicore Renewable Energy Corporation (CREC) has secured PHP 35.014 billion (approximately $552 million) in syndicated project financing to develop five solar power projects with a combined capacity of 900 MWp and 120 MWh of battery energy storage in Batangas, Philippines.

The financing was provided by the Bank of the Philippine Islands (BPI), Land Bank of the Philippines (LANDBANK), and the Development Bank of the Philippines (DBP). The facility marks CREC’s largest syndicated financing to date.

The project portfolio comprises two 300 MWp solar plants and three 100 MWp facilities. Each of the three smaller projects will integrate a 40 MWh battery energy storage system (BESS), bringing the total planned storage capacity to 120 MWh.

All five projects secured offtake allocations under the Philippine Department of Energy’s fourth Green Energy Auction Program (GEA-4), providing a framework for long-term electricity sales. Under the auction framework, electricity supply contracts are expected to run for 20 years from the start of commercial operations.

Once operational, the five projects are expected to generate approximately 1,300 GWh of renewable electricity annually—enough to supply around 550,000 households. They are also projected to avoid approximately 850,000 tonnes of carbon emissions each year.

The developments will expand CREC’s existing presence in Batangas, where the company reports 374 MWp of operational solar capacity and 560 MWh of battery storage. A further 198 MWp of solar capacity in the province is nearing completion. By concentrating multiple projects in the same area, CREC aims to improve construction coordination and project execution efficiency.

The financing comes as the Philippines continues to expand renewable energy deployment through competitive auctions and large-scale project development. The country aims to increase renewables’ share of electricity generation to 35% by 2030 and 50% by 2040.

The Batangas portfolio represents a significant step in CREC’s expansion plans, as the company targets 5 GW of renewable energy capacity within the next five years. Its delivery timeline and the integration of battery storage will be important factors in determining the projects’ contribution to the Philippines’ evolving power mix.