Citicore Renewable Energy Corporation (CREC) has won the Renewable Energy Deal of the Year – Portfolio Financing award at The Asset Triple A Sustainable Infrastructure Awards 2025 in Singapore. The recognition highlights CREC’s PHP9.12 billion facility signed in April 2024, marking the Philippines’ first portfolio financing for multiple renewable energy projects under a single structure.
The initial tranche of the PHP 20 billion program supports five solar power projects across Batangas, Pampanga, and Negros Occidental. Future tranches will fund additional solar and wind assets from CREC’s pipeline. The portfolio is backed by 20-year offtake agreements awarded through the Department of Energy’s Green Energy Auction Program (GEAP).
The award aligns with RCBC’s broader sustainable finance strategy, which includes phasing out coal lending by 2031. The deal also strengthens CREC’s “5GW in 5 Years” roadmap, with 1 GW of capacity targeted for commissioning in 2025. This is CREC’s second major award from The Asset this year, following its “Best IPO” recognition in March for its PHP5.3 billion public offering.