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MANILA, Philippines – Citicore Renewable Energy Corp. (CREC) has obtained a P4-billion loan from the Land Bank of the Philippines to ramp up the development of two solar parks.
On Wednesday, the group backed by billionaire Edgar Saavedra said that the new funds would help finance the construction of two 41-megawatt-peak solar power plants, boosted with 53-megawatt-hour battery energy storage systems.
READ: CREC profit rises 14% on solar power sales
The build-out of the solar assets is being spearheaded by Citicore Solar Embedded Inc. (CS Embedded).
