Citicore Renewable Energy Corporation (CREC) has entered into a Php 3.975 billion project finance loan facility with the Bank of the Philippine Islands (BPI) to support the completion of the 113 MWp Citicore Solar Pangasinan 2 project in Binalonan, Pangasinan. BPI Capital Corporation acted as the sole lead arranger for this financing transaction. Furthermore, the Citicore Solar Pangasinan 2 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 2 project is one of three ongoing developments by CREC in the province. The portfolio in Pangasinan also includes the Citicore Solar Pangasinan project in Sta. Barbara, which is under construction, and the Citicore Wind Pangasinan project, which remains at an early development stage. Moreover, all three projects were awarded under the Department of Energy’s Green Energy Auction Programme (GEAP)-2 auction in 2023, securing a 20-year offtake arrangement with the Philippine government.
In August 2025, CREC secured a Php 4.4 billion project finance loan from Security Bank and its investment arm. The funding was to support the development and completion of the 125 MWp Citicore Solar Pangasinan project in Sta. Barbara, Pangasinan.
