Citicore Renewable Energy Corp. (CREC) has secured a P4.05-billion loan from the Land Bank of the Philippines (LANDBANK) for the construction of two solar power projects, according to a statement reported by BusinessWorld.
The loan will fund two 41-megawatt-peak (MWp) solar projects located in Pampanga and Nueva Ecija. The projects align with the government's push to expand renewable energy capacity in the country.
CREC said the financing will support the development and construction of the facilities, contributing to its goal of increasing renewable energy generation. The company did not disclose the expected completion timeline for the projects.