Citicore Renewable Energy Corp. said Monday it secured a financing arrangement with Rizal Commercial Banking Corp. for up to P20 billion for the construction of multiple solar power plant projects with a combined installed generating capacity of 600 megawatts to 1,000 MW.CREC said the project financing structure is believed to be the first-of-its-kind in the Philippines, which covers various project portfolios instead of the typical per-project financing structure.
The proceeds of subsequent tranches will be applied towards the completion of additional solar power projects in or additional generating capacity from CREC’s pipeline of projects in various stages of development.“RCBC’s support will assist us to fulfill our 1GW target for this year,” said CREC president and chief executive Oliver Tan in a statement.
The solar power plant projects in Batangas, Pampanga and Negros Occidental are integral to CREC’s target of contributing 1GW of ready-to-build/under construction solar energy capacity per year over the next five years.