CnC-Citicore (IFC-47960)

Countries
  • Philippines
Geographic location where the impacts of the investment may be experienced.
Specific Location
Bolbok
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
Citicore Solar Energy Corporation Inc.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
Not Disclosed
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 1, 2023

Disclosed by Bank Jul 14, 2023

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated on the project disclosure page, the IFC and Citicore Solar Energy Corporation Inc. have signed a collaboration agreement for the development of a solar photovoltaic power plant of approximately 172MW coupled with a battery energy storage system (BESS) of approximately 165MWh in the Republic of Philippines, located in Bolbok, in the province of Batangas. This hybrid solar and BESS power plant is intended to serve the energy demand needs of the local Luzon distribution utilities and customers. The Collaboration Activities will cover legal and regulatory analysis, techno-commercial review, Environmental and Social Impact Assessment and Resettlement Action Plan review.                                                  

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Project cost not available at the time of disclosure.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated on the company's website, Citicore Renewable Energy Corporation harnesses nature's resources to generate sustainable energy, creating long-term value for stakeholders and powering a First-World Philippines with pure renewable energy.

Its parent company is Citicore Holdings Investment Inc, that operates as a holding company. The Company, through its subsidiaries, provides renewable energy project development services.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Citicore Holdings Investment Inc Parent Company Energy owns Citicore Renewable Energy Corporation Subsidiary Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

No project contacts provided at the time of disclosure.

Citicore Renewable Energy Corporation:

Address: 11th Floor, Santolan Town Plaza, Santolan Road, Little Baguio, San Juan, Metro Manila
Email: info@crec.com.ph
Phone: +63 8826 5698
Website: https://crec.com.ph/

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works