Citicore Secures $68 Million for 113-MW Pangasinan Solar

• Citicore secures PHP4B debt to fast-track a 113‑MWp Pangasinan solar park, bolstering Luzon’s grid, jobs, and its 2030 renewables push amid robust corporate PPA demand.

Citicore Renewable Energy Corp secured PHP 4 billion (USD 67.7 million) in debt to complete a 113-MWp solar PV park in Pangasinan, bolstering the Luzon grid amid demand growth. Financing certainty keeps construction on schedule and supports jobs, marking another step in its expansion as the Philippines cuts reliance on imported fuels.

The project forms part of Citicore’s pipeline spanning utility-scale solar, agri-solar and community renewables, targeting corporate offtakers and the national grid as the country pursues 35% renewables by 2030. Investor appetite remains robust, backed by reforms and demand for corporate PPAs, underscoring resilience despite macroeconomic headwinds.

How will Citicore’s Pangasinan solar boost grid reliability and corporate PPA growth?

• Adds 100+ MW of daytime capacity in northern Luzon, easing supply tightness during hot-season peaks and reducing reliance on costly peakers
  
• Locational relief for the Luzon backbone by injecting power closer to demand centers in Pangasinan–Central Luzon, cutting transmission losses and congestion
• Improves grid stability via modern inverters capable of reactive power, voltage support, and fast frequency response, enhancing N-1 security margins
  
• Smoother ramping and controllability help NGCP manage solar swings, especially when paired with curtailment management and potential BESS retrofits
• Diversifies the supply stack away from fuel price volatility, dampening WESM price spikes and reducing reserve stress during outages or deratings
  
• Creates firmable renewable blocks for retailers through shaping and portfolio aggregation, enabling more bankable corporate PPAs
• Expands available I-RECs/EACs for Scope 2 reductions, supporting SBTi-aligned buyers and strengthening ESG reporting
  
• Offers peso-denominated, long-tenor hedges for contestable customers, stabilizing tariffs versus imported-fuel pass-throughs
• Enables sleeved and virtual PPAs under retail competition and GEOP, with wheeling through the Luzon grid to multi-site loads
• Supports RPS compliance for suppliers, broadening the buyer pool and tightening PPA demand at creditworthy terms
• Encourages load migration to clean supply by improving delivery confidence (reliability + price), accelerating corporate renewable procurement
• Provides a platform for hybrid offerings (solar+BESS or solar+agri-solar), unlocking time-of-day shaping and ancillary services revenue that further underpins PPA structures