BDO Unibank Incorporation has invested PHP5.6 billion in Citicore Renewable Energy Corporation’s (CREC) 197 MW Tuy solar project in the Philippines. This funding aligns with CREC’s objective to become the largest solar farm developer in the Philippines, with plans to install 5 GW of solar capacity. BDO also plans to back Citicore’s future ventures in renewable energy (RE), including wind farms and energy storage systems (ESS).
CREC aims to install 1,000 MW of solar power annually over the next five years by 2029. Citicore also plans to raise additional capital for its expansion.