Singapore-based Pentagreen Capital announced a $55-million development and construction loan to Citicore Solar Energy Corp., part of Citicore Renewable Energy Corp., to finance solar and battery storage projects in the Philippines.
The financing will help unlock the implementation of up to 2 gigawatts (GW) of generation capacity and up to 760 megawatt-hours (MWh) of battery storage capacity. The projects include the nation’s first baseload solar plant capable of storing and dispatching energy beyond normal solar hours, aiming to provide 24/7 baseload renewable power.
The loan will initially support the construction and development of 610-megawatt-peak (MWp) across eight solar facilities in the provinces of Pangasinan, Pampanga, Batangas and Negros Occidental. Three of the facilities in Batangas will also host battery energy storage systems (BESS) with a capacity of up to 760 MWh to enhance grid stability.
These eight solar projects are expected to add a combined 914 gigawatt hours (GWh) of renewable energy supply to the grid annually, which is estimated to avoid 630,000 tons of carbon dioxide (CO2) emissions and generate enough electricity to power approximately 240,000 Filipino homes yearly.
The projects will also feature Citicore’s AgroSolar Initiative, maintaining the agricultural use of the land by growing high-value crops underneath and between panels, while helping local farmers through income augmentation.
Pentagreen Capital, manager of a blended finance strategy under Singapore’s Financing Asia’s Transition Partnership initiative, and Citicore Solar Energy Corp. announced the financing on Oct. 23, 2025.
Pentagreen Capital chief executive Marat Zapparov said the company is “honored to extend our long-standing partnership with Citicore as the company surpasses its goal of completing 1 GW of renewable capacity annually in the Philippines.”
Zapparov said Pentagreen, with support from FAST-P partners, “stands ready to support Citicore and its innovative approach to accelerating the region’s transition towards stable and reliable renewable energy sources.”
Citicore Renewable Energy Corp. chief executive Oliver Tan said Pentagreen “trusted our ability to scale towards our ambitious renewable energy goals” in 2023.
“With our first one gigawatt nearing completion and preparation for our next gigawatt, Pentagreen remains an integral partner to Citicore. Their continued vote of confidence and support to our undertakings through this agreement will help us further accelerate our renewable energy developments – bringing clean, sustainable and more affordable electricity for the country,” said Tan.
Pentagreen is a sustainable infrastructure debt financing platform established by HSBC and Temasek and is headquartered in Singapore.
