Citicore Renewable Energy Corporation (CREC) has received the Renewable Energy Deal of the Year – Portfolio Financing award at the 2025 Asset Triple A Sustainable Infrastructure Awards held on July 2 at the Four Seasons in Singapore.

The award recognizes CREC’s PHP 9.12-billion project finance facility, signed in April 2024, which was structured as a portfolio financing deal, which is a first of its kind in the Philippines. Unlike traditional project-specific arrangements, this financing structure covers multiple renewable energy projects under one consolidated facility.

RCBC Capital served as the lead arranger for the transaction, with Romulo Law and PJS Law as legal advisors.

“This innovative facility is the result of cooperation between Citicore and various financial institutions, proving that strategic partnerships can accelerate the transition to net zero,” said Oliver Tan, CREC President and CEO, in the press release. He also highlighted the importance of long-term financing support as the Philippines ramps up efforts toward energy transition.

The PHP 9.12-billion facility represents the initial tranche of a larger financing package expected to reach up to PHP 20 billion. The proceeds from the first tranche have been used to fund five solar projects, located in Batangas, Pampanga, and Negros Occidental respectively. Future tranches will finance additional solar and wind projects in CREC’s development pipeline.

The projects are backed by 20-year offtake contracts awarded under the Department of Energy’s Green Energy Auction Program, which aims to accelerate the country’s renewable energy transition. In addition, 13 CREC projects were granted Certificates of Energy Project of National Significance (CEPNS) in 2024, allowing them to benefit from faster regulatory approvals.

The award also supports the sustainable finance strategy of RCBC, which previously announced its goal of ending coal project financing by 2031. Coal-related loans currently comprise about 5% of the bank’s total loan portfolio.

This is CREC’s second recognition from The Asset in 2025, following its Best IPO award in March for its oversubscribed PHP 5.3 billion initial public offering.

CREC is targeting to energize its first 1 gigawatt of renewable capacity within the year as part of its broader 5GW in 5 years development roadmap.

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