Pentagreen Capital, the manager of a blended finance strategy under Singapore’s Financing Asia’s Transition Partnership (FAST-P), has announced a $55 million loan to Citicore Solar Energy Corporation.
The development and construction loan will finance solar, hybrid solar, and battery storage projects across the Philippines. The initial support will go toward the development of 610 MWp across eight facilities in the provinces of Pangasinan, Pampanga, Batangas, and Negro Occidental.
These projects will add a combined 914 gigawatt-hours of renewable energy, or enough to power approximately 240,000 homes, to the grid annually.
These facilities will also host Citicore’s so-called AgroSolar Initiative, which enables farmers to augment their income by growing crops underneath and between the installations.
The latest deal follows an earlier loan extended to Citicore in 2023 for solar development across the Philippines’ largest island of Luzon.
Pentagreen Capital is an infrastructure debt financing platform established by HSBC and Temasek. It operates the FAST-P initiative that aims to finance renewable energy, sustainable transport, waste management, and data infrastructure projects in Southeast and South Asia.
FAST-P is also backed by the Monetary Authority of Singapore, the Australian government, the International Finance Corporation, the Dutch Entrepreneurial Development Bank (FMO), British International Investment, Bank of the Philippine Islands, and Allied Climate Partners.
Citicore Solar Energy is part of publicly-listed Citicore Renewable Energy Corporation (CREC), a renewable energy developer and operator of solar, hydro, and wind energy platforms in the Philippines. CREC, which operates 10 solar power facilities across the country, is also the sponsor of the Philippines’ first renewable energy REIT. CREC is, in turn, a wholly-owned subsidiary of Citicore Holdings Investment, Inc., a company under Philippine construction tycoon Edgar B. Saavedra.
