The latest renewable energy news includes announcements on Citicore, Failte Energy, Sigenergy, Solar Energy Corporation, and others.
Citicore Secures ₱35 Billion Financing for 900 MW Solar and 120 MWh Battery Projects in Philippines
Citicore Renewable Energy Corporation has secured ₱35.014 billion in syndicated financing for five solar projects in Batangas, Philippines. Announced October 23, the financing involves Bank of the Philippine Islands, Land Bank of the Philippines and Development Bank of the Philippines. The portfolio comprises two 300 MWp solar plants and three 100 MWp facilities, with each smaller installation incorporating a 40 MWh battery system. Combined capacity will reach 900 MWp of solar and 120 MWh of storage. The projects secured electricity offtake through the Philippines’ fourth Green Energy Auction. Annual generation is estimated at 1,300 GWh, equivalent to electricity consumption by approximately 550,000 households. The financing is Citicore’s largest syndicated facility to date.
Failte Energy and Sigenergy Plan $250 Million Investment in Solar Inverter and Battery Factories in India
India’s Failte Energy and Chinese energy technology manufacturer Sigenergy plan to establish a manufacturing joint venture involving an initial investment of approximately $250 million. Disclosed October 23, the proposed investment will support domestic production of solar inverters and battery energy storage systems. The partners intend to establish an inverter manufacturing facility first, targeting commercial production during Q2 2027. A battery storage manufacturing plant is expected to follow approximately six to eight months later. The joint venture is evaluating potential manufacturing locations in India. The investment is intended to support growing demand from residential, commercial, industrial and utility-scale renewable-energy projects. Final manufacturing capacities and employment figures have not been disclosed.
Tamil Nadu Approves 600 MW Solar and 1,800 MWh Battery Procurement at ₹3.12 per Unit
The Tamil Nadu Electricity Regulatory Commission has approved a 25-year renewable electricity procurement arrangement for Tamil Nadu Power Distribution Corporation. Reported October 25, the agreement covers 600 MW of solar power supported by a 300 MW/1,800 MWh battery energy storage system. Electricity will be procured through the Solar Energy Corporation of India at a discovered tariff of ₹3.12 per kWh, excluding SECI’s additional trading margin of ₹0.07 per unit. The battery will provide 300 MW for six selected hours during evening and early-morning peak periods. The project is expected to be commissioned within 24 months of the power purchase agreement becoming effective. The approval supports long-term renewable electricity procurement and grid flexibility.
