Citicore Renewable Energy Corporation (CREC) has signed a Php 4.4 billion project finance loan agreement with Security Bank Corporation and Security Bank Capital Investment Corporation. The project financing pertains towards the development and completion of its 125 MWp Citicore Solar Pangasinan project in Sta. Barbara, Pangasinan.
The project is currently under construction and has received a Certificate of Energy Project of National Significance from the Department of Energy, accelerating the process needed for timely completion before the end of 2025. The Citicore Solar Pangasinan project is one of three projects in the province, alongside Citicore Solar Pangasinan 2 in Binalonan, which is under construction, and Citicore Wind Pangasinan, which is in early development. All three projects were awarded under the Department of Energy’s Green Energy Auction Programme (GEAP)-2 in 2023.
In January 2025, Pertamina New & Renewable Energy (Pertamina NRE) inked a share subscription agreement with Citicore Renewable Energy Corporation (CREC). Pertamina New & Renewable Energy acquired a 20 per cent stake in CREC.
