Citicore Renewable Energy Corporation has signed a USD 65.66 million project finance loan facility agreement with Land Bank of the Philippines to fund the construction of two solar power plants embedded within distribution utility networks in Central Luzon, marking a significant financing milestone for the company's renewable energy expansion program.

Details of the Loan and Project Scope

The loan facility, formalized at a signing event, will finance the development of two 41-megawatt-peak solar power plants, each paired with a 53-megawatt-hour battery energy storage system.

The projects are being developed through Citicore Solar Embedded, Inc., a subsidiary of CREC, and are located in the provinces of Pampanga and Nueva Ecija.

Upon completion, the two plants will add a combined 82 megawatts of solar generation capacity and 106 megawatt-hours of battery storage to CREC's total installed capacity.

The Pampanga installation builds on CREC's existing footprint in the province, which already includes a 115-megawatt solar farm and a 42-megawatt solar farm, both situated in Arayat-Mexico. The Nueva Ecija project, by contrast, represents the company's first development in that province.

The Embedded Solar Business Model

The two plants are being developed under a hybrid solar power project business model that CREC first introduced in 2025. Under this approach, the solar facilities are embedded, meaning they are directly connected to the distribution utility companies they serve, rather than feeding power into the national grid through separate transmission infrastructure.

In Pampanga, CREC has partnered with Pampanga I Electric Cooperative, known as PELCO I. The Nueva Ecija project is being developed in partnership with the San Jose City Electric Cooperative, or SAJELCO.

By connecting directly to these cooperatives' distribution networks, the embedded model is designed to potentially reduce system losses and lower electricity costs for end users.

The arrangement is also intended to help the distribution utilities meet their renewable energy sourcing obligations under the country's Renewable Portfolio Standards.

Statements from Company Leadership

CREC President and Chief Executive Officer Oliver Tan framed the financing agreement within the company's broader strategic objectives and the government's energy transition targets.

"Our vision to Power a First World Philippines aligns with LANDBANK's commitment to sustainable nation-building, enabling us to accelerate the delivery of renewable energy projects that advance the country's energy transition and create lasting value for Filipino communities," Tan said.

He further noted that the collaboration underscores the role of public-private partnerships in supporting the Department of Energy's goal of raising renewable energy's share of the country's power generation mix to 50 percent by 2040.

LANDBANK President and Chief Executive Officer Lynette V. Ortiz described the agreement as consistent with the state bank's mandate to support investments that combine economic and environmental objectives.

"Our partnership with CREC reflects LANDBANK's commitment to financing transformative projects that expand access to reliable power, create opportunities, and accelerate the country's green transition," Ortiz said. "We are fully committed to ensuring our rural communities benefit from a cleaner, more secure energy grid," she added.

Signatories and Attendees

The signing ceremony was led by CREC Chairman Edgar B. Saavedra and LANDBANK President and CEO Ortiz. Other CREC representatives in attendance included President and CEO Tan, Director Manuel Louie B. Ferrer, and Chief Financial Officer Michelle Magdato.

From LANDBANK, the event was attended by Executive Vice President Charlotte I. Conde, Senior Vice Presidents Gonzalo Benjamin A. Bongolan and Vilma B. Cervantes, and First Vice President Ann Marijell B. Ong.

Context Within CREC's Growth Trajectory

The LANDBANK financing agreement comes at a period of active expansion and financial activity for CREC. The company reported a 58 percent jump in net income to USD 5.90 million as of May 2026 and distributed cash dividends to shareholders in June 2026. The company has also been advancing sustainability initiatives through a program called EcoLoop, announced in the same month.

The USD 65.66 million facility represents one of the company's largest individual financing arrangements and reflects growing institutional appetite for renewable energy project finance in the Philippines, particularly for projects that serve distribution-level electricity consumers in provincial areas.

The embedded model, by connecting generation assets directly to cooperative distribution grids, targets communities that may benefit most from localized clean energy supply and reduced transmission-related costs.

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