Pentagreen Capital is backing Citicore Renewable Energy Corporation (CERC) with a $55 million development and construction loan to support solar and battery energy storage system (BESS) projects in the Philippines. The financing will be used for the construction and development of solar, hybrid solar, and BESS projects with a cumulative generation capacity of up to 2 GW and storage capacity of up to 760 MWh.
Furthermore, the projects include a baseload solar plant designed to store and supply power beyond daylight hours, enabling continuous renewable energy delivery. The loan will initially fund the construction and development of 610 MWp of capacity across eight solar plants located in Pangasinan, Pampanga, Batangas, and Negros Occidental. Three sites in Batangas will also integrate BESS with a combined capacity of up to 760 MWh.
Together, the eight solar projects are expected to add 914 GWh of renewable power to the national grid each year, helping to avoid approximately 630,000 tonnes of carbon emissions annually. Additionally, the projects will incorporate Citicore’s AgroSolar initiative, which allows agricultural activities to continue alongside power generation. This initiative will support local farmers through crop cultivation under and between the solar panels.