The Bank of the Philippines (BPI) will be providing San Carlos Solar Energy Inc. (SaCaSol), the Philippine solar holding company owned by the ThomasLloyd SICAV-SIF-Cleantech Infrastructure Fund, with a third installment, representing an additional PHP 500 million (approx. USD 12 million) to finance further solar power station construction.
With this transaction, BPI will have provided a total of PHP 1.5 billion (approx. USD 33.5 million) since July 2014.
The funds released by BPI, which will be used by SaCaSol to build up its solar PV projects more quickly, form part of the bank's financing of country's first utility-scale PV plant. This is therefore a benchmark transaction in the sector, ThomasLloyd emphasizes.
"BPI is pleased to support SaCaSol and ThomasLloyd who have been trailblazers in solar renewable energy in the Philippines. This transaction highlights the bank's commitment to supporting power generation in an environmentally friendly manner," comments Daniel G. Montecillo, head of BPI's Corporate Client Segment Group.
"BPI's involvement will significantly advance the development of renewable energy in the Philippines, thereby contributing towards a form of energy based on sustainability, energy security and efficiency," explains T.U. Michael Sieg, Chairman and CEO of the ThomasLloyd Group.
102MW of solar PV capacity either in construction or due to start construction during 2015
"This installment will allow timely completion of solar power stations already fully planned for the island of Negros, in the Visayas region of the Philippine archipelago," adds Tony Coveney, Head of Project Finance for the ThomasLloyd Group, emphasizing the importance of the move for the region.
The South-East Asian country's first 22 megawatt solar power plant, which was developed and financed by the ThomasLloyd Group, went into active operation in a ceremony presided over by State President Benigno Aquino III in May 2014. A further 102MW of solar capacity for Negros is either in construction or due to start construction during 2015.
2015-05-05 | Courtesy: ThomasLloyd | solarserver.com © Heindl Server GmbH
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