The deal, made under Singapore’s Financing Asia’s Transition Partnership (FAST-P) initiative, will help fund up to 2 gigawatts of solar generation and 760 megawatt-hours of battery capacity, marking one of the country’s largest blended-finance pushes in clean energy.
Management’s view
“In 2023, Pentagreen trusted our ability to scale towards our ambitious renewable energy goals. With our first 1 gigawatt nearing completion and preparation for our next gigawatt, Pentagreen remains an integral partner to Citicore,” said Oliver Tan, president and CEO of Citicore Renewable Energy Corp. (CREC), which owns Citicore Solar Energy.
“Their continued vote of confidence and support to our undertakings through this agreement will help us further accelerate our renewable energy developments — bringing clean, sustainable, and more affordable electricity for the country,” he added.
Deepning partnership
The new financing builds on Citicore’s earlier partnership with Pentagreen Capital, which previously extended a US$100-million green loan in 2023 to support the company’s large-scale solar rollout across Luzon.
“We are honoured to extend our long-standing partnership with Citicore as the company surpasses its goal of completing 1GW of renewable capacity annually in the Philippines,” said Marat Zapparov, CEO of Pentagreen Capital.
“Pentagreen Capital, with support of our partners in connection with Singapore’s FAST-P initiative, stands ready to support Citicore and its innovative approach to accelerating the region’s transition towards stable and reliable renewable energy sources,” he added.
CREC’s expanding pipeline
The fresh financing will cover 610 megawatts-peak (MWp) of capacity across eight solar plants in Pangasinan, Pampanga, Batangas, and Negros Occidental, three of which will integrate battery systems of up to 760MWh for more stable, round-the-clock power supply.
When completed, these sites are expected to deliver 914 gigawatt-hours of renewable power each year, enough to serve 240,000 homes and cut 630,000 tonnes of carbon emissions annually.
Among the projects is the country’s first baseload solar plant, capable of storing and dispatching energy beyond daylight hours.
—Edited by Miguel R. Camus
