New financing will expedite large-scale renewable energy operations and battery storage development in the Philippines.

Pentagreen Capital, the FAST-P initiative of Singapore, and Citicore Solar Energy Corporation has bagged $55 million in financing with the aim to support the major renewable energy programs in the Philippines. The loan will also enable the building of solar and hybrid solar-battery storage plants so as to improve on the national energy strength and stability.

Pentagreen believes that the funding will open up 2 GW of generation along with 760 MWh of battery storage. It also covers the original baseload solar station in the country that can supply renewable energy even during the dark hours, which maintains an uninterrupted and regular supply of power to the consumers.

Its first phase will build up 610 MWp in eight solar locations in the regions of Pangasinan, Pampanga, Batangas, and Negros Occidental. Battery energy storage systems will be incorporated in three Batangas facilities to make the grids more efficient and less volatile.

These projects will provide 914 GWh of renewable energy that will be clean and will subtract 630,000 tons of CO₂ gas that is equal to the power consumption of 240,000 Filipino households annually. Furthermore, the AgroSolar Initiative of Citicore will enable farmers to continue farming under solar arrays and make the local farmers self-sufficient.

Pentagreen CEO Marat Zapparov underlined the role of the partnership in bringing energy transition to the region into an accelerating process. The Citicore CEO Oliver Tan furthered on by saying that with the support, the company will be able to move towards the target of reaching over 1 GW of new capacity per year.