Citicore Renewable Energy Corp. (CREC) has finalized a P4 billion loan agreement with the Land Bank of the Philippines (LandBank) to finance the development of two new solar projects. This substantial financing package underscores LandBank's commitment to supporting the Philippines' transition towards a more sustainable energy future.
The loan will be allocated to construct solar power facilities with a combined capacity of 250 megawatts. These projects are expected to significantly contribute to the country's renewable energy targets and reduce reliance on fossil fuels. CREC has been a key player in developing renewable energy infrastructure across the Philippines, and this new funding will enable them to expand their portfolio further.
Engr. Oliver L. Tan, CEO of Citicore Renewable Energy Corp., expressed optimism about the partnership. "This partnership with LandBank marks a significant milestone for CREC as we continue to aggressively pursue our vision of a sustainable Philippines," Tan stated. The financing will facilitate the development of projects in Bulacan and Quezon.
The agreement highlights the growing momentum in the renewable energy sector in the Philippines, with increasing interest from both local and international investors. LandBank, as a government financial institution, plays a crucial role in driving such initiatives by providing the necessary capital for critical infrastructure development. The successful implementation of these solar projects is anticipated to have a positive impact on the environment and the economy.
