Citicore Gets $55-M Funding for Solar, Battery Storage Projects

Pentagreen Capital (“Pentagreen”), manager of a blended finance strategy under Singapore’s Financing Asia’s Transition Partnership (“FAST-P”) initiative, and Citicore Solar Energy Corporation (“Citicore”), part of Citicore Renewable Energy Corporation, have announced a financing agreement worth US$55 million to support the implementation of solar and battery storage projects in the Philippines.

The Loan will support the construction and development of 610 megawatts-peak (MWp) across eight solar facilities located in the provinces of Pangasinan, Pampanga, Batangas, and Negros Occidental. (Photo: Citicore Renewable Energy Corporation)

The US$55 million Development and Construction Loan (“the Loan”) will fund solar, hybrid solar, and battery storage projects nationwide. It is expected to unlock the development of up to 2 gigawatts (GW) of generation capacity and 760 megawatt-hours (MWh) of battery storage capacity.

The projects include the country’s first baseload solar plant capable of storing and dispatching energy beyond daylight hours, allowing for 24/7 baseload renewable power delivery to customers.

Initially, the Loan will support the construction and development of 610 megawatts-peak (MWp) across eight solar facilities located in the provinces of Pangasinan, Pampanga, Batangas, and Negros Occidental.

Three of the Batangas facilities will also host battery energy storage systems (BESS) with a combined capacity of up to 760 MWh, enhancing overall grid stability.

Collectively, the eight solar projects will contribute 914 gigawatt-hours (GWh) of pure renewable energy to the national grid each year—equivalent to avoiding approximately 630,000 tonnes of carbon dioxide (CO₂) emissions.

The energy generated will be sufficient to power around 240,000 Filipino homes annually, providing stable, reliable, and cost-effective renewable energy to support the nation’s transition away from fossil fuels.

The projects will also feature Citicore’s AgroSolar Initiative, which maintains the agricultural purpose of solar farms by cultivating high-value crops beneath and between the solar panels, thereby helping local farmers augment their income.

“We are honored to extend our long-standing partnership with Citicore as the company surpasses its goal of completing 1GW of renewable capacity annually in the Philippines,” said Marat Zapparov, CEO of Pentagreen Capital.

“Pentagreen Capital, with the support of our partners through Singapore’s FAST-P initiative, stands ready to help Citicore advance its innovative approach toward accelerating the region’s transition to stable and reliable renewable energy sources.”

Oliver Tan, CEO of Citicore Renewable Energy Corporation, added: “In 2023, Pentagreen trusted our ability to scale toward our ambitious renewable energy goals. With our first 1 gigawatt nearing completion and preparations underway for our next, Pentagreen remains an integral partner to Citicore.

Their continued confidence and support will help us further accelerate our renewable energy developments—bringing clean, sustainable, and more affordable electricity to the country.”