October 25, 2025 | 12:00am
MANILA, Philippines — 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.
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).
“In 2023, Pentagreen trusted our ability to scale toward our ambitious renewable energy goals. With our first one gigawatt nearing completion and preparation for our next GW, Pentagreen remains an integral partner to Citicore,” CREC president and CEO Oliver Tan said.
“Their continued vote of confidence and support for our undertakings through this agreement will help us further accelerate our renewable energy developments, bringing clean, sustainable and more affordable electricity for the country,” Tan added.
With this new funding, CREC expects to deliver an additional 914 GW-hours of clean energy to the country’s power grid, enough to power 240,000 homes annually while displacing around 630,000 tons of carbon emissions.
“Pentagreen Capital, with support of our partners in connection with Singapore’s FAST-P initiative, stands ready to support Citicore and its innovative approach to accelerating the region’s transition toward stable and reliable renewable energy sources,” Pentagreen CEO Marat Zapparov said.
