Philippines-based Citicore Renewable Energy Corp. (CREC) has secured a $77 million (4.4 billion PHP) loan to build a 125-megawatt-peak (MWp) solar park in Pangasinan, the company said Thursday.
Financing for the project will come from Security Bank Corporation and its investment arm, Security Bank Capital Investment Corporation, CREC said.
The project is expected to be completed by the end of the year.
Currently under construction, the project received a Certificate of Energy Project of National Significance (CEPNS) from the Philippines Department of Energy (DOE).
The solar park is part of the capacity awarded to CREC under the DOE's Green Energy Auction Program-2 in 2023 and comes with a 20-year power offtake agreement with the Philippine government.
By Busra Ozaltan
Anadolu Agency
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