The financing will fund two 41-megawatt-peak (MWp) solar power plants equipped with 53-megawatt-hour (MWh) battery energy storage systems, bringing an additional 82 MWp of solar capacity and 106 MWh of storage to the company's installed portfolio upon completion.
Solar expansion
The Pampanga project will reinforce CREC's presence in the province, where it already operates 115-MW and 42-MW solar farms in Arayat and Mexico. The Nueva Ecija facility, meanwhile, will mark the company's first renewable energy development 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.
Tan added that the partnership highlights the role of public-private collaboration in supporting the Department of Energy's target of increasing renewable energy's share in the country's power generation mix to 50 percent by 2040.
Green partnership
Landbank said the financing reflects its commitment to supporting investments that promote economic growth while advancing environmental sustainability.
"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," Landbank president and CEO Lynette V. Ortiz said.
"We are fully committed to ensuring our rural communities benefit from a cleaner, more secure energy grid," she added.
Embedded model
The projects will be developed through Citicore Solar Embedded Inc. in partnership with Pampanga I Electric Cooperative (Pelco I) and San Jose City Electric Cooperative (Sajelco).
Under CREC's embedded solar model introduced in 2025, the solar plants are directly connected to distribution utilities, reducing system losses and potentially lowering electricity costs for consumers.
The facilities will also help electric cooperatives comply with the Renewable Portfolio Standards, which require power distributors to source an increasing share of their electricity from renewable energy. —Ed: Corrie S. Narisma
