CREC secures PHP20 billion financing for solar projects from RCBC

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Citicore Renewable Energy Corporation (CREC) has secured a debt funding deal with Rizal Commercial Banking Corporation (RCBC) covering a portfolio of up to 1 GW DC of solar photovoltaic projects in the Philippines.

The deal, totalling approximately PHP 20 billion in funding, was arranged by RCBC Capital Corporation, with the initial instalment amounting to PHP 9 billion receiving approval. The loan facility is the first of its kind in the country encompassing a large portfolio of various projects rather than a single scheme. The fresh proceeds will facilitate the deployment of at least 600 MW DC and a maximum of 1 GW DC of solar PV capacity. Funds from the initial tranche will go for solar projects in the Batangas, Pampanga, and Negros Occidental provinces, to be installed in phases in 2024 and 2025, respectively.

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