CREC secures financing for solar rollout in the Philippines

Citicore Renewable Energy Corporation (CREC) has secured USD100 million in financial support from Singapore-based Pentagreen Capital to fund the development of its solar projects in the Philippines.

The mezzanine construction green loan facility will include an initial tranche of USD30 million which will fund the construction of six solar power projects in Luzon with a combined capacity of 490 MW. Of the total projects planned, four will be greenfield projects. The loan facility also includes a greenshoe option to increase funding for more greenfield solar projects in an attempt to expand CREC’s portfolio to over 1 GW.