Citicore Renewable Energy Corporation (CREC) has secured a financing arrangement with Rizal Commercial Banking Corporation (RCBC) for multiple solar power plant projects with a total capacity of at least 600 MW, expandable to nearly 1 GW. The deal, facilitated by RCBC Capital Corporation, involves up to PHP 20 billion in funding, starting with an initial tranche of PHP 9 billion. This unique structure deviates from a typical per-project financing in the Philippines. Initial funds will support solar projects in Batangas, Pampanga, and Negros Occidental, with subsequent tranches allocated to additional projects in CREC’s development pipeline.
RCBC funds multiple solar projects in Philippines
Citicore Renewable Energy Corporation has partnered with RCBC for solar project funding. (Image Credit: Citicore Renewable Energy Corporation)
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