Manila, July 15 -- State-owned Land Bank of the Philippines (LandBank) and Citicore Renewable Energy Corporation (CREC) signed a PHP4.05-billion project finance loan facility agreement to accelerate the completion of its two solar projects under Citicore Solar Embedded, Inc. (CS Embedded).

In a statement Wednesday, LandBank said the signing was held on July 14, led by CREC Chairman Edgar Saavedra and LandBank President and Chief Executive Officer (CEO) Lynette Ortiz.

LandBank said the amount will fund the development of two 41-megawatt-peak (MWp) solar power plants and 53 megawatt-hour (MWh) battery energy storage systems embedded within the distribution utility companies in Pampanga and Nueva Ecija.

Upon completion, these projects wi...