Citicore Renewable Energy Corporation (CREC) has secured a financing arrangement with Rizal Commercial Banking Corporation (RCBC) for multiple solar power plant projects with a total capacity of at least 600 MW, expandable to nearly 1 GW. The deal, facilitated by RCBC Capital Corporation, involves up to PHP 20 billion in funding, starting with an initial tranche of PHP 9 billion. This unique structure deviates from a typical per-project financing in the Philippines. Initial funds will support solar projects in Batangas, Pampanga, and Negros Occidental, with subsequent tranches allocated to additional projects in CREC’s development pipeline.