Citicore Renewable Energy Corporation (CREC), a renewable energy developer, has signed a ₱4.05 billion (~$66 million) project finance loan facility with LANDBANK to develop two solar and battery storage projects in the Philippines.

The company will develop the projects through its subsidiary, Citicore Solar Embedded. The projects will be located in Pampanga and Nueva Ecija.

Each project will comprise a 41 MW solar power project paired with a 53 MWh battery energy storage system. Together, they will add 82 MW of solar capacity and 106 MWh of battery storage capacity to Citicore’s portfolio.

“Our vision to Power a First World Philippines aligns with LANDBANK’s commitment to sustainable nation-building, enabling us to accelerate the delivery of renewable energy projects that advance the country’s energy transition and create lasting value for Filipino communities. This collaboration also underscores the critical role of public-private partnerships in advancing the Department of Energy’s target of increasing renewable energy’s share in the country’s power generation mix to 50% by 2040,” said CREC President and CEO Oliver Tan.

The Pampanga project will expand the company’s investments in the province, where it operates solar farms with capacities of 115 MW and 42 MW in Arayat – Mexico. The Nueva Ecija project will be Citicore’s first development in the province.

Citicore Solar Embedded has partnered with the Pampanga I Electric Cooperative and the San Jose City Electric Cooperative on the projects.

In 2024, the company secured a PhP9 billion (~$159 million) financing for multiple solar projects with a total installed generating capacity of at least 600 MWdc and up to nearly 1 GW of solar energy capacity.  The financing deal, arranged by RCBC Capital Corporation, is expected to raise up to $354 million, starting with the signing of an initial tranche of PhP9 billion (~$159 million).

According to Mercom’s recently released Q1 2026 Solar Funding and M&A report, announced large-scale solar project funding increased by 61% year over year in Q1 2026.