LAND BANK of the Philippines (LANDBANK) has approved P11.68 billion in financing for five Citicore Renewable Energy Corp. (CREC) projects in Batangas as part of a P35.01-billion syndicated loan facility.
The financing is part of a syndicated project finance package arranged with Bank of the Philippine Islands and Development Bank of the Philippines, with the three lenders contributing equal shares, LANDBANK said in a statement on Monday.
The projects consist of three 100-megawatt-peak solar facilities integrated with battery energy storage systems and two 300-megawatt-peak solar facilities.
Once completed, the projects are expected to add 900 megawatt-peak of solar capacity and 120 megawatt-hours of battery storage capacity.
“Projects of this scale are an important part of our growth plans as we develop the second and third gigawatts of our five-gigawatt pipeline,” Citicore Renewables President and Chief Executive Officer Oliver Tan said in the statement.
The facilities are expected to generate about 1,300 gigawatt-hours of electricity annually, enough to supply about 550,000 households, CREC said.
The projects are also expected to avoid about 850,000 metric tons of carbon dioxide emissions each year.
Separately, LANDBANK said it had installed solar power systems in 79 branches and facilities nationwide as of September.
The systems have generated more than 1.09 million kilowatt-hours of electricity and reduced energy costs by about P13.14 million, the lender said.
LANDBANK aims to increase the number of solar-powered sites to 140 by end-2027. — Aaron Michael C. Sy