Pentagreen Capital, the manager of a blended finance strategy under Singapore’s Financing Asia’s Transition Partnership (FAST-P) initiative, has extended USD55 million in development and construction financing to Citicore Solar Energy Corporation, a subsidiary of Citicore Renewable Energy Corporation (CREC). The loan will fund solar, hybrid solar, and battery storage projects across the Philippines, supporting up to 2 GW of generation capacity and 760 MWh of storage capacity. The financing will be used initially for 610 MWp of solar facilities across eight sites in Pangasinan, Pampanga, Batangas, and Negros Occidental provinces, including three sites in Batangas hosting battery energy storage systems (BESS).
The projects will contribute approximately 914 GWh of renewable power annually, enough to supply electricity to about 240,000 households, while avoiding an estimated 630,000 tons of CO2 emissions each year. One of the projects will be the country’s first baseload solar plant, capable of delivering renewable energy beyond daylight hours. Citicore’s AgroSolar Initiative will also be implemented at the project sites, combining solar energy generation with agricultural activities to support local farmers.