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Deal announcement - CREI secures USD70m from IFC

Communication and Renewable Energy Infrastructure (“CREI”) Phils Inc. secures USD70 million financing facility led by the International Finance Corporation (“IFC”)

Index-Asia is pleased to announce that its client, Communication and Renewable Energy Infrastructure CREI Phils Inc. (“CREI Phils”), has successfully raised USD70 million to fund the construction of over 600 new telecommunication towers by next year in the Philippines.

CREI Phils is a new tower company in the Philippines and a subsidiary of CREI Management Services FZE ("CREI"), an established asset management company of a portfolio of telecom and renewable power assets across Africa and Southeast Asia. The USD70 million financing package is coming from the IFC and other co-lenders.

"We are thrilled to be working alongside IFC in supporting the government of the Philippines' development of its mobile infrastructure sector”, said Kadri Hakim, CEO of CREI. "Despite the challenging market conditions triggered by the pandemic, IFC's long-term funding will allow us to meet our ambitions of expanding our digital infrastructure portfolio in the Philippines. Our management team's extensive know-how gained through 15 years of telecoms operations across Southeast Asia and Africa combined with IFC's deep knowledge of the country's telecoms regulatory regime and its experience as an investor in tower companies, will enable us to effectively develop and grow our operations in the country."

"Digital connectivity is more important than ever for businesses and people to thrive," said Jean-Marc Arbogast, IFC Country Manager for the Philippines. "By supporting the entry of a new company, IFC's investment will contribute to a strong independent tower market in the Philippines, increasing competition, creating jobs, spurring economic growth and help cut emissions."

For more information:


Deal team

Benjamin Blanchard, Lead Partner

Kieran Martin, Partner

King Camacho, Senior Analyst

Giang Tran, Senior Analyst


About CREI

CREI Management Services FZE ("CREI") is an established asset management company of a portfolio of telecom and renewable power assets across Africa and Southeast Asia. CREI is part of a global telecom infrastructure group, TwoThirtyThree Group, that also builds, supplies, manufactures and provides maintenance services for telecom towers and power infrastructure assets. TwoThirtyThree Group was founded in 2007 and is currently present in 23 countries across Africa and Asia, managing a portfolio of 23,000 sites. CREI's main activities entail providing sustainable energy and reliable connectivity to Mobile Network Operators and rural communities across developing countries.


About IFC

International Finance Corporation (“IFC”) — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. The IFC has track record in more than 100 countries, using its capital, expertise and influence to create markets and opportunities in developing countries. In 2021, IFC committed a record USD31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity.


About Index-Asia

Index-Asia is an independent corporate finance advisory boutique in Southeast Asia (Vietnam, Philippines, Hong Kong) focusing on mid-sized deals. Index-Asia’s mission is to deliver tailor-made and on-the-ground financial advisory services to its local clients, and to global companies and investors focused on the region.


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