Citicore Renewable Energy Corp. (CREC) said it tapped Security Bank Corp. and Security Bank Capital Investment Corp. for a P4.4-billion loan to complete the 125 megawatt peak Citicore Solar (CS) Pangasinan project in Sta. Barbara, Pangasinan.
“Project finance is key to realizing the renewable energy transition, with projects like CS Pangasinan able to move faster and mitigate risks with the support of partners like Security Bank, who understand that sustainability requires cooperation between industries.” said Oliver Tan, CREC president and chief executive during the ceremonial loan signing.
“Security Bank understands the financial requirements needed for renewable energy developments. Through this project finance loan with Citicore, we are able to contribute not only to Citicore’s growth and development but also play a part in our national transformation to cleaner energy resources which in turn pushes national development,” said Security Bank senior vice president and head of corporate banking group Yvonne Joanna Marcelo.
The project is under construction, and recently received a certificate of energy project of national significance (CEPNS) from the Department of Energy (DOE).
