Saavedra's Citicore locks in P35B for massive solar expansion

Tycoon Edgar Saavedra-backed Citicore Renewable Energy Corp. (CREC) has locked in P35 billion in financing from three major Philippine banks to build five solar power projects in Batangas, enough to supply electricity to an estimated 550,000 households.

The deal gives CREC fresh financial firepower to expand its renewable energy portfolio, with the projects expected to deliver 900 megawatts of solar capacity as the company works toward its ambitious 5,000-megawatt development pipeline.

“Projects of this scale are an important part of our growth plans as we develop the second and third gigawatts of our five-gigawatt pipeline,” CREC president and CEO Oliver Tan said in a statement from LANDBANK. 

Three banks split the bill

Land Bank of the Philippines, Bank of the Philippine Islands and Development Bank of the Philippines will each shoulder P11.68 billion under the P35.014-billion syndicated financing agreement signed on Oct. 22.

“Through this financing, LANDBANK is helping bring large-scale clean energy projects to fruition while strengthening the infrastructure needed to support communities, industries, and long-term economic growth,” LANDBANK president and CEO Lynette Ortiz said in same statement. 

Power for 550,000 homes

The five projects will significantly expand CREC's clean energy footprint, with the following planned capacity:

• Three solar farms: 100 megawatts each, equipped with battery storage.
• Two larger solar farms: 300 megawatts each.
• Annual electricity output: 1,300 gigawatt-hours, enough for about 550,000 households.
• Battery storage: 120 megawatt-hours to help keep power available when sunlight fades.

The projects are also expected to avoid about 850,000 tons of carbon dioxide emissions annually, adding to the country's growing renewable energy supply.

—Edited by Miguel R. Camus