In renewable energy: such milestones when the RE Developer has secured a written commitment from the financier/s to provide its full funding requirements through equity and/or commercial borrowings, or other financing schemes for the RE Project to transition from the Pre-Development to Development Stage, in the case [of] RE Service Contracts, or to transition from Development to Commercial Stage, in the case of RE Operating Contracts [Section 3.12, DOE Department Circular No. DC2024-06-0018, Revised Omnibus Guidelines Governing the Award and Administration of Renewable Energy Contracts and the Registration of Renewable Energy Developers]
In oil & gas, natural gas: refers generally to the stage of negotiation where a legally binding financial commitment actually exists to provide funding for a project and all conditions have already been met to allow the mobilization of funds [Section 4(p), DOE Department Circular No. DC 2025-04-0005, Philippine Natural Gas Industry Development Act IRR]