- Pentagreen Capital and Citicore Solar Energy secured a $55m loan to develop 2GW solar and 760MWh battery projects in the Philippines.
- The projects will add 914GWh of renewable power yearly and support Citicore’s AgroSolar Initiative for cleaner energy and local farming.
Pentagreen Capital, which manages a blended finance strategy under Singapore’s Financing Asia’s Transition Partnership (FAST-P) initiative, has signed a $55 million loan agreement with Citicore Solar Energy Corp. to expand solar and battery storage projects in the Philippines.
Pentagreen said the development and construction loan will finance solar and hybrid solar projects with up to 2 gigawatts (GW) of generation capacity and 760 megawatt-hours (MWh) of storage. In addition, the companies will build the Philippines’ first baseload solar plant capable of supplying electricity beyond daylight hours.
They will initially construct 610 megawatts peak (MWp) of capacity across eight solar facilities in Pangasinan, Pampanga, Batangas and Negros Occidental. Three Batangas plants will also include battery energy storage systems with a total capacity of 760 MWh to help stabilise the grid.
The projects will supply 914 gigawatt-hours (GWh) of renewable energy to the national grid each year, enough to power about 240,000 homes, while avoiding 630,000 tonnes of carbon dioxide emissions.
Citicore will also integrate its AgroSolar Initiative into the projects, allowing farmers to grow crops beneath and between solar panels to supplement their income.
“We are proud to extend our partnership with Citicore as it exceeds its goal of completing 1GW of renewable capacity annually,” said Pentagreen Capital Chief Executive Marat Zapparov. “With support from the FAST-P initiative, we are helping accelerate the region’s transition to stable and reliable clean energy.”
Citicore Renewable Energy Corp. Chief Executive Oliver Tan said the loan would strengthen the company’s push to scale up its renewable energy portfolio.
“With our first gigawatt nearing completion and the next already underway, Pentagreen’s continued confidence and support will help us deliver more affordable, sustainable power for the Philippines,” Tan said.