King & Spalding advised Communication and Renewable Energy Infrastructure CREI Phils Inc. (“CREI”), an independent tower company and Telecom Energy Service Company (TESCO) as Borrower in connection with the closing of US$ 70 million loan facilities provided by International Finance Corporation (“IFC”) and Deutsche Investitions- und Entwicklungsgesellschaft (“DEG”) for the construction of up to 618 Built-To-Suit telecom towers in the Philippines (the “Project”).
The Project is expected to result in (i) increased capacity of mobile networks through the construction of towers, to be shared under an open-access basis in a country with significant gaps in quality of connectivity; and (ii) improved environmental sustainability by supporting the conversion from diesel power generation to more efficient, greener alternative tower power solutions. Beyond the Project, this investment could contribute to creating a market for tower colocation in the Philippines by supporting the expansion of one of the most competitive tower companies among the first entrants.
CREI is an established asset management company holding a portfolio of telecom tower and renewable power assets across Africa and Asia. Its main activities entail providing sustainable energy and connectivity to Mobile Network Operators (MNOs) and rural communities across developing countries. CREI capitalizes on the expertise and synergies created throughout its group of affiliated companies to provide a one-stop-shop for Operators and Investors and deliver efficient solutions that are integrated along the value chain. CREI manages a portfolio of TESCO, TowerCo and Network as a Service (NAAS) projects with the aim to help Mobile Network Operators decrease their carbon footprint while improving their network performance and reach.
CREI is part of a global telecom services group TwoThirtyThree Holding Group that also builds, supplies, manufactures and provides maintenance services for telecom towers and power infrastructure assets.