Citicore Renewable Energy Corporation (CREC) has signed a ₱3.975-billion project finance loan agreement with the Bank of the Philippine Islands (BPI). This loan will be used specifically to finish building CREC’s 113-MWp Citicore Solar Pangasinan 2 project, which is located in Binalonan, Pangasinan. Because it is project finance, the loan is secured by the project itself, and repayment will come from the solar plant’s future revenues. BPI Capital Corporation is the sole lead arranger of the transaction.
The signing event held on 03 December 2025 was led by CREC Chairman Edgar Saavedra, CREC President and CEO Oliver Tan, CREC Chief Financial Officer Lucia Roderos, CREC Deputy Chief Financial Officer Michelle Magdato, BPI Head of Institutional Banking Luis Cruz, BPI Head of Commercial Banking Noelito Marcos, BPI Capital Head of Debt Products Jennifer V. Ho, and BPI Wealth Senior Vice President Yvette Mari V. De Peralta.
About Citicore Renewable Energy Corporation
Citicore Renewable Energy Corporation (CREC) is one of the Philippines’ fastest-growing clean-energy developers, with a pipeline that spans solar, run-of-river hydro, and other emerging renewable technologies. The company has been steadily expanding its nationwide portfolio to support the country’s energy transition, strengthen supply reliability, and contribute to long-term sustainability goals.
Citicore Solar Pangasinan 2 is among CREC’s key development priorities, advancing the company toward its target of delivering the first gigawatt under its “five gigawatts in five years” expansion program. The project, now under active construction, has been granted a Certificate of Energy Project of National Significance (CEPNS) by the Department of Energy (DOE), streamlining regulatory processes and helping ensure its on-schedule completion before the end of the year.
Oliver Tan, CREC President and CEO, emphasized that CREC’s progress depends on the trust of its partners. He noted that partnering with BPI—one of the country’s oldest and largest banks—through the project finance agreement strengthens CREC’s capability to meet its commitments and continue advancing renewable energy development in the Philippines.
Louie Cruz, BPI views the partnership as part of its mission to support projects that promote sustainable growth. He explained that financing CREC’s initiatives enables investments that provide clean energy while generating long-term benefits for local communities.
“Our active participation as the exclusive arranger of the loan is an important reflection of BPI Capital’s trust in CREC’s vision. Accelerating projects of this magnitude is a key strategic contribution in achieving the renewable energy target in the Philippine Energy Plan,” said Lester Ong, BPI Capital President.
