Citicore arranges debt for large-scale PV portfolio in the Philippines

Philippine-based Citicore Renewable Energy Corporation (CREC) has clinched a debt funding deal with Rizal Commercial Banking Corporation (RCBC) covering a portfolio of up to 1 GW DC of solar photovoltaic (PV) projects.

The financing arrangement concerns the first PHP-9-billion (USD 158.5m/EUR 148.7m) tranche of a larger transaction that will allow CREC to receive bank financing of up to PHP 20 billion, the solar developer said on Monday. According to its statement, the loan facility is the first of its kind in its home country encompassing a large portfolio of various projects rather than a single scheme.

The fresh proceeds will facilitate the deployment of at least 600 MW DC and a maximum of 1 GW DC of solar PV capacity. Funds from the initial tranche will go for solar projects in the Batangas, Pampanga, and Negros Occidental provinces, to be installed in phases in 2024 and 2025, respectively.

Subsequent financing tranches will support additional schemes from CREC’s pipeline.

CREC is pursuing a goal of adding roughly 1 GW of ready-to-build or under-construction solar capacity to its portfolio each year during the next five years. “RCBC’s support will assist us to fulfill our 1-GW target for this year,” said CREC’s president and CEO Oliver Tan.

(PHP 10 = USD 0.176/EUR 0.165)

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