Citicore raises $552 million for 900 MW of solar and 120 MWh of storage

Serguey Asael Shinder28 October 2026, 09:131 min read

Citicore Renewable Energy Corp. has secured PHP 35.014 billion ($552 million) in syndicated project financing for five solar projects in Batangas province in the Philippines, pv magazine reports. The portfolio totals 900 MW of solar — two 300 MW plants and three 100 MW plants — and 120 MWh of battery storage, with a 40 MWh system at each of the smaller sites. It is the company's largest syndicated loan to date, provided by Bank of the Philippine Islands, state-owned Land Bank of the Philippines and Development Bank of the Philippines.

All five projects won offtake allocations in the Department of Energy's fourth Green Energy Auction (GEA-4) in 2025, which provides 20-year supply contracts from commercial operation. Citicore has not disclosed the tariffs, commissioning schedules, battery power ratings, suppliers or durations, the loan tenor, interest rate or the split of financing between projects.

In Batangas the company reports 374 MW of operating solar and 560 MWh of storage, with another 198 MW of solar nearing completion; it says clustering projects there helps it coordinate construction. Citicore said earlier in October that it had reached 1 GW of installed renewable capacity and targets 5 GW within five years. The Philippines aims for 35% renewables in its generation mix by 2030 and 50% by 2040.

What it means

The auction did the heavy lifting: 20-year contracts are what let three domestic banks lend at this scale. What is missing from the announcement is everything that would let an outsider judge the deal — the tariff, the cost of debt and the size of the batteries in megawatts. A 40 MWh battery beside a 100 MW plant is a shaping asset, not overnight supply.