Ayala-led Bank of the Philippine Islands (BPI) has been tapped by RASLAG Corp. to grow its solar power plant in Mexico, Pampanga.
In a statement, BPI said RASLAG took out an P800-million, 12-year term loan to finance the expansion of its solar power plant to 23.14 megawatts (MW) from 10 MW capacity.
This is the second loan take of RASLAG from BPI. The Ayala-led bank helped finance the RASLAG Phase 1 project. The 10-MW solar farm in Pampanga came online last January. The power plant is located in Barangay Suclaban, Mexico, Pampanga.
The expanded solar farm will have a total annual output of 33,617 megawatt hours. The capacity is enough to supply about 20,700 households in the area.
The solar power plant is expected to reduce carbon dioxide emissions by 14,454 tons per year, equivalent to the work of 473,040 mature trees.
RASLAG aims to further expand the country’s access to clean energy, ultimately reducing energy imports and dependence on fossil fuels.