Citicore Renewable Energy Corp. (CREC) has secured a P3.975 billion project finance loan facility agreement with the Bank of the Philippine Islands (BPI) to finance the completion of its 113-megawatt peak (MWp) Citicore Solar Pangasinan (CS Pangasinan) 2 project in Binalonan, Pangasinan.
CS Pangasinan 2 is one of CREC’s projects, bringing the company closer to its goal of achieving the first of five gigawatts in five years.
Currently under construction, the project received a Certificate of Energy Project of National Significance (CEPNS) from the Department of Energy (DOE), accelerating the processes needed for its timely completion before year-end.
“The success of our goals goes hand-in-hand with the trust and confidence of those who choose to partner with us. With BPI, the oldest and one of the largest financial institutions in the Philippines, partnering with us through this project finance agreement, we strengthen our ability to deliver on our commitments and continue championing renewable energy in the country,” said Oliver Tan, CREC president and chief executive.
Louie Cruz, BPI Institutional Banking head, said the partnership reflects the bank’s commitment to financing projects that drive sustainable progress.
“By supporting CREC, we are enabling investments that not only deliver clean energy solutions but also create lasting positive impact for the communities.”
The facility signing was held on Dec. 3, 2025, led by CREC chairman Edgar Saavedra, Tan, CREC chief financial officer Lucia Roderos and deputy chief financial officer Michelle Magdato, Cruz, BPI head of commercial banking Noelito Marcos, BPI Capital head of debt products Jennifer Ho, and BPI Wealth senior vice president Yvette Mari De Peralta.
CS Pangasinan 2 is one of three CREC projects in Pangasinan province, together with CS Pangasinan in Sta. Barbara, which is also under construction, and Citicore Wind Pangasinan in early development.
All three projects are part of the capacities won by CREC during the DOE’s Green Energy Auction Program 2 (GEA-2) in 2023, securing a 20-year offtake contract with the government.
CREC’s renewable energy portfolio includes solar, hydro and wind projects. It is the parent firm of the Philippines’ first renewable energy REIT, Citicore Energy REIT Corp. (CREIT).
