BDO extends P5.6 B to finance Citicore project

BDO Unibank Inc. has offered Citicore Renewable Energy Corporation (CREC) PHP5.6 billion in financing for its 197-megawatt Tuy solar power project, a major step towards the company’s goal of becoming the largest solar farm developer in the Philippines with a target installed capacity of 5.0 gigawatts (GW).

The financing provided by BDO for the initial phase of the Tuy solar project is expected to generate enough electricity to power approximately 32,308 homes when the project reaches full commercial operation.

Citicore, which is gearing up to install 1,000 MW of solar capacity per year over the next five years, is tapping the capital markets to secure the necessary funding for this ambitious vision. BDO Capital will serve as national lead manager and joint bookrunner for the effort.

In addition, BDO is exploring financing options for Citicore’s expansion into onshore and offshore wind farms, as well as the integration of energy storage systems (ESS) with its renewable energy projects.

According to the company, CREC is diversifying its renewable energy portfolio with the aim of including onshore and offshore wind projects in addition to ESS.

In addition, Citicore’s transition to renewable energy aims to reduce the country’s dependence on fossil fuels. The eventual integration of energy storage systems is expected to make renewable energy technologies a more reliable solution to the country’s energy needs.

BDO’s investment in Citicore projects is evidence of the bank’s commitment to sustainable development. The bank continues to support the growth and expansion of renewable energy projects, a sector that BDO sees as essential for financing.