Citicore Powers Ahead with P4-B Loan to Boost Pangasinan Solar Project
- December 19, 2025
The Philippines is steadily moving toward a cleaner energy future, and Citicore Renewable Energy Corp. (CREC) is playing a leading role. The company recently secured a P3.975-billion project finance loan from the Bank of the Philippine Islands (BPI) to accelerate its Citicore Solar Pangasinan 2 project in Binalonan.
The 113-megawatt-peak (MWp) solar facility, recognized as a Certificate of Energy Project of National Significance (CEPNS) by the Department of Energy (DOE), is slated for completion by the end of the year, marking a major milestone in the nation’s renewable energy landscape.
This strategic move comes amid a growing demand for sustainable energy solutions, as the Philippine government continues to push for cleaner power sources. By fast-tracking this solar project, CREC not only strengthens its portfolio but also makes a meaningful contribution to national energy security and the transition to low-carbon power generation.
(Also read: Why the PH Can’t Afford an Offshore Wind Gamble)
Strategic funding fast-tracks solar project
The Pangasinan solar farm is one of three CREC developments in the province, alongside a solar project in Sta. Barbara and an early-stage wind facility. All three were awarded under the DOE’s GEAP 2 in 2023, giving the company 20-year power offtake contracts with the government. These long-term agreements provide financial certainty, enabling CREC to invest confidently in large-scale renewable energy infrastructure.
“The success of our goals goes hand-in-hand with the trust and confidence of those who choose to partner with us,” stated CREC President and CEO Oliver Tan. “With BPI… partnering with us through this project finance agreement, we strengthen our ability to deliver on our commitments and continue championing renewable energy in the country.”
The Pangasinan 2 solar facility is expected to make a tangible impact on local communities, generating clean electricity and supporting regional development. By harnessing solar power in a region with abundant sunlight, CREC aims to supply reliable energy while contributing to climate action goals. The recognition of the project as nationally significant further streamlines permitting processes, allowing construction to proceed efficiently.
(Also read: 7 Bright & Fun Facts About the Magic of Christmas Lights)
Driving renewable growth through strategic partnerships
Financial institutions like BPI play an increasingly important role in the growth of renewable energy in the Philippines. Louie Cruz, BPI head of institutional banking, highlighted that the loan reflects the bank’s commitment to sustainable development: “By supporting CREC, we are enabling investments that not only deliver clean energy solutions but also create lasting positive impact for the communities.”
The Pangasinan project is also part of CREC’s broader plan to reach five gigawatts of renewable energy capacity within the next five years. Last month, the DOE awarded the company an additional 1,212 MW of renewable capacity through its ground-mounted solar and Integrated Renewable Energy and Energy Storage Systems (IRESS) projects. These contracts, set to run between 2026 and 2029, underscore the government’s confidence in CREC’s capabilities and the company’s strategic vision.
CREC is committed to substantial capital expenditures, planning over $1 billion in investments this year alone to support the rollout of its second 1,000 MW in renewable capacity. This ambitious expansion includes both solar and wind facilities, positioning the company as a leading contributor to the nation’s energy transition.
As the Citicore Solar Pangasinan 2 project moves closer to commercial operations, the company demonstrates how strategic financing, robust planning, and long-term partnerships can accelerate the shift to sustainable energy. With its combination of government-backed contracts, community-focused development, and proactive environmental stewardship, CREC is helping to power the Philippines toward a greener, more resilient future.
Sources:
https://mb.com.ph/2025/12/04/citicore-gets-4-billion-debt-to-finish-binalonan-solar-project
https://business.inquirer.net/539916/crec-raises-p4-4-b-fund-for-pangasinan-solar-project
