Citicore Energizes PH Renewable Future With Record-breaking Financing Deal

Citicore Renewable Energy Corporation (CREC) has electrified the industry by securing a colossal PHP 9 billion financing deal with Rizal Commercial Banking Corporation (RCBC).

Citicore Renewable Energy Corporation and Rizal Commercial Banking Corporation join forces in a significant financing agreement, fueling the advancement of Citicore's expansive solar power plant initiatives. Pictured from left to right: Robert B. Ramos, President and CEO of RCBC Trust Corporation; Arsenio Kenneth M. Ona, President and CEO of RCBC Capital Corporation; Elizabeth E. Coronel, Executive Vice President of RCBC; Eugene S. Acevedo, President and CEO of RCBC; Edgar B. Saavedra, Chairman of CREC; Oliver Y. Tan, President and CEO of CREC; Louie B. Ferrer, Director of CREC; Mia Cortez, Chief Finance Officer of CREC; Jez dela Cruz, Head of Corporate Finance at Citicore and Megawide Group. | Photos: CREC

This monumental pact is poised to energize multiple solar power plant projects, propelling the nation towards a greener, more sustainable future.

Arranged by RCBC Capital Corporation, this financing endeavor marks a significant departure from conventional funding structures. Unlike typical per-project financing, this pioneering arrangement spans a diverse portfolio of projects, reflecting a visionary approach to accelerating the nation's renewable energy transition.

"This partnership with RCBC marks a pivotal moment for CREC," declared the company's President and CEO, Mr. Oliver Tan.

"With their unwavering support, we are primed to soar towards our ambitious 1GW target for this year. This isn't just about powering homes; it's about powering progress and prosperity for generations to come."

The infusion of capital will drive CREC's development initiatives across strategic locations in Batangas, Pampanga, and Negros Occidental. These projects are not merely power plants; they are beacons of hope, harbingers of a cleaner, brighter tomorrow for the Philippines.

Amidst this surge of momentum, CREC recently commemorated the ceremonial groundbreaking of its new 69 MWp solar power plant in Silay City, Negros Occidental. Aptly named Citicore Solar Negros Occidental 2, this venture embodies the company's unwavering commitment to pioneering sustainable solutions.

"The inauguration of Citicore Solar Negros Occidental 2 signifies more than just the expansion of our infrastructure," remarked Mr. Tan.

"It represents our steadfast dedication to fostering socio-economic growth, environmental stewardship, and energy sovereignty in Negros Occidental and beyond."

Bolstered by the government's Green Energy Auction Program, CREC is on a relentless quest to fortify the nation's renewable energy ecosystem.

With each milestone, the company inches closer to its audacious goal of developing 1GW of solar energy capacity annually for the next five years.

"We envision a First-World Philippines powered by clean, renewable energy," asserted CREC Chairman, Mr. Edgar Saavedra. "Through tireless innovation and collaboration, CREC is poised to be the driving force behind our nation's sustainable transformation."

As CREC illuminates the path towards a brighter, more sustainable future, the company remains steadfast in its mission to champion renewable energy innovation, drive economic prosperity, and empower communities across the archipelago.

With each watt generated, CREC sparks a revolution—one powered by passion, innovation, and the unwavering commitment to a greener tomorrow.