Citicore secures P35 billion financing for solar expansion in the Philippines
What happened
Citicore Renewable Energy Corporation secured syndicated project financing totaling P35.014 billion from the Bank of the Philippine Islands, Land Bank of the Philippines, and the Development Bank of the Philippines. This funding supports the construction of five solar projects in Batangas, which will add 900 MWp of solar capacity and 120 MWh of battery energy storage systems.
From tribune.net.ph
Why it matters
The financing represents Citicore Renewables’ largest syndicated financing to date. The projects were awarded under the Department of Energy’s Green Energy Auction Program Round 4, reinforcing the growth of large-scale renewable energy infrastructure in the Philippines.
From tribune.net.ph
Who's involved
- Bank of the Philippine IslandsProvided syndicated project financing for the solar expansion.
- Development Bank of the PhilippinesProvided syndicated project financing for the solar expansion.
- Land Bank of the PhilippinesProvided syndicated project financing for the solar expansion.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Bank of the Philippine IslandsSpeculative
Could expand its financial portfolio by providing syndicated project financing.
- Development Bank of the PhilippinesSpeculative
Could expand its financial portfolio by providing syndicated project financing.
- Land Bank of the PhilippinesSpeculative
Could expand its financial portfolio by providing syndicated project financing.
- PhilippinesSpeculative
May see national energy goals supported by large-scale renewable energy investment.
- BatangasSpeculative
May see increased demand for construction and related services due to the five major solar and BESS projects.
- MeralcoSpeculative
May see regional power supply options expand due to the new solar capacity in Batangas.
Keep exploring
The entities involved
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Batangas
province of the Philippines
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Philippines
archipelagic country in Southeast Asia