Citicore secures $550M syndicated loan for 900 MWp of Batangas solar
What's the deal? Citicore Renewable EnergyDealroom has a profile for this one. Try Dealroom → has secured a US$0.68-billion (about $550 million) syndicated loan — its largest financing to date — to build five solar projects in Batangas, the Philippines. The post-IPO debt facility comes from the Bank of the Philippine IslandsDealroom has a profile for this one. Try Dealroom →, Land Bank of the Philippines, and the Development Bank of the PhilippinesDealroom has a profile for this one. Try Dealroom →.
What's the endgame? The money funds 900 MWp of new solar capacity and 120 MWh of integrated battery storage. The portfolio comprises two 300-MWp plants and three 100-MWp plants, each of the smaller sites paired with a 40-MWh battery system.
Why now? All five projects hold offtake awards under the Department of Energy's Green Energy Auction Program Round 4, giving them a contracted-revenue framework. The facility marks a concrete move from auction awards to construction.
The projects will generate roughly 1,300 gigawatt-hours of clean electricity annually, enough to power about 550,000 households. They build on Citicore's existing 374 MWp of solar and 560 MWh of storage in Batangas, reinforcing its strategy of clustering projects for more efficient execution.
By the numbers: The round sits in the 52nd percentile by amount among comparable deals, placing it solidly above the midpoint for a raise of this kind.
"Securing US$682.9M financing is an important milestone for Citicore Renewables as we accelerate the delivery of our renewable energy pipeline," said chief executive officer Oliver Tan.
The signal: The deal reflects an auction-driven build-out in the Philippines, where GEA-4 awarded about 10.2 GW of renewable capacity for delivery through 2029. With comparable projects moving ahead — including ACENDealroom has a profile for this one. Try Dealroom →'s nearly 1-GW portfolio in Zambales — the financing is a step in a broader surge rather than a standalone shift.
Read more: headline-zambales.com
Image credit: Generated with Gemini
