CREC secures Php4.05 billion LANDBANK financing to accelerate Central Luzon solar expansion
LANDBANK Press Release — July 15, 2026
CREC secures Php4.05 billion LANDBANK financing to accelerate
Central Luzon solar expansion
CREC Chairman Edgar B. Saavedra (center-left) and LANDBANK President and CEO Lynette V. Ortiz (center-right) lead the signing of the ₱4.05-billion project finance loan facility to support the construction of two solar power plants in Pampanga and Nueva Ecija. Also present are CREC President and CEO Oliver Y. Tan (4th from left), Director Manuel Louie B. Ferrer (3rd from left), Chief Financial Officer Michelle A. Magdato (2nd from left), and Deputy Chief Financial Officer Niñolito A. Colita (leftmost), along with LANDBANK Executive Vice President Charlotte I. Conde (4th from right), Senior Vice Presidents Gonzalo Benjamin A. Bongolan (3rd from right) and Vilma B. Cervantes (2nd from right), and First Vice President Ann Marijell B. Ong (rightmost).
MANILA, Philippines – Citicore Renewable Energy Corporation (CREC, or “the Company”) has inked a ₱4.05 billion project finance loan facility agreement with LANDBANK (“the Bank”) to accelerate the completion of its two solar projects under Citicore Solar Embedded, Inc. (CS Embedded).
The loan will finance the development of two 41-megawatt-peak (MWp) solar power plants, complemented with 53 mega-watt-hour (MWh) battery energy storage systems embedded within the distribution utility companies in the provinces of Pampanga and Nueva Ecija. Upon completion, these projects will add a total of 82 MWp and 106 MWh to the Group’s combined installed capacity.
The Pampanga project will further strengthen CREC’s presence and investments in the province, following its 115-MW and 42-MW solar farms in Arayat-Mexico. Meanwhile, the Nueva Ecija project will serve as the Company’s first development in the province.
“Our vision to Power a First World Philippines aligns with LANDBANK’s commitment to sustainable nation-building, enabling us to accelerate the delivery of renewable energy projects that advance the country’s energy transition and create lasting value for Filipino communities,” said CREC President and CEO Oliver Tan. “This collaboration also underscores the critical role of public-private partnerships in advancing the Department of Energy’s target of increasing renewable energy’s share in the country’s power generation mix to 50% by 2040,” he added.
For LANDBANK, the partnership highlights its continued support for investments that promote both economic growth and environmental sustainability. “Our partnership with CREC reflects LANDBANK’s commitment to financing transformative projects that expand access to reliable power, create opportunities, and accelerate the country’s green transition. We are fully committed to ensuring our rural communities benefit from a cleaner, more secure energy grid,” said LANDBANK President and CEO Lynette V. Ortiz.
Through CS Embedded, CREC partnered with Pampanga I Electric Cooperative (PELCO I) and the San Jose City Electric Cooperative (SAJELCO), following a hybrid solar power project business model first introduced by the Company in 2025. These solar plants are embedded, or directly connected to the said distribution utilities (DU), potentially reducing systems losses and lowering electricity costs for end users while helping the DUs meet their renewable energy sourcing requirements under the Renewable Portfolio Standards (RPS).
The signing event, held on 14 July 2026, was led by CREC Chairman Edgar B. Saavedra and LANDBANK President and CEO Ortiz. Also present were CREC President and CEO Tan, Director Manuel Louie B. Ferrer, and Chief Financial Officer Michelle Magdato, alongside LANDBANK Executive Vice President Charlotte I. Conde, Senior Vice Presidents Gonzalo Benjamin A. Bongolan and Vilma B. Cervantes, and First Vice President Ann Marijell B. Ong.
