The loan backs one of CREC’s key projects under its “5 gigawatts in 5 years” plan and will help fast-track construction ahead of its target completion by year-end.
“Project finance is key to realizing the renewable energy transition, with projects like CS Pangasinan able to move faster and mitigate risks with the support of partners like Security Bank, who understand that sustainability requires cooperation between industries,” said Oliver Tan, CREC president and CEO.
Security Bank, which co-arranged the loan with Security Bank Capital, underscored its commitment to clean energy financing.
“Security Bank understands the financial requirements needed for renewable energy developments,” said Yvonne Joanna P. Marcelo, senior vice president and head of corporate banking.
“Through this project finance loan with Citicore, we are able to contribute not only to Citicore’s growth and development but also play a part in our national transformation to cleaner energy resources which in turn pushes national development,” she added.
The project holds a Certificate of Energy Project of National Significance (CEPNS) from the Department of Energy, allowing a streamlined permitting process.
CREC is also building Citicore Solar Pangasinan 2 in Binalonan and developing Citicore Wind Pangasinan, both part of its winning capacities under the DOE’s Green Energy Auction Program 2.
—Edited by Miguel R. Camus
