Citicore bags $55-M loan from Singapore fund

Saavedra-led Citicore Renewable Energy Corp. (CREC) has secured $55 million in financing from Singapore-based Pentagreen Capital to accelerate the rollout of its solar and battery storage projects across the country.

- By Brix Lelis

The loan, facilitated under Singapore’s Financing Asia’s Transition Partnership (FAST-P) initiative, will support CREC’s deployment of up to 2,000 megawatts of solar power and 760 MW-hours of storage capacity.

In particular, the deal will initially finance eight solar farms totaling 610 MW-peak across Pangasinan, Pampanga, Batangas and Negros Occidental, with three sites incorporating a battery energy storage system (BESS).