San Carlos Solar Energy Inc. (SaCaSol) has obtained an additional P500 million loan from the Bank of the Philippines Island (BPI) for expansion of its solar power stations in Negros Occidental.
SaCaSol, the holding company of ThomasLloyd SICAV-SIF-Cleantech Infrastructure Fund, said the P500 million was the third tranche of a P1.5 billion loan granted to the company since July2004.
Tony Coveney, Head of Project Finance for the ThomasLloyd Group, said the loan would allow SaCaSol to proceed with the expansion of the company’s solar power projects.
“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,” said Coveney.
T.U. Michael Sieg, Chairman and CEO of the ThomasLloyd Group, said the role of BPI would significantly advance the development of renewable energy in the Philippines.
The loan is considered a benchmark transaction in the solar power sector, showing the BPI appetite for financing an increasing number of sustainable energy infrastructure projects.
Daniel G. Montecillo, head of BPI’s Corporate Client Segment Group, said the transaction highlights the bank’s commitment to “supporting power generation in an environmentally friendly manner.”
“BPI is pleased to support SaCaSol and ThomasLloyd who have been trailblazers in solar renewable energy in the Philippines,” he said.
SaCaSol’s first 22 megawatt (MW) solar power plant, which was developed and financed by the ThomasLloyd Group, became operational in May last year.
Don Mario Dia, Director at Bronzeoak Philippines, said the new round of financing will cover the Sacasol I expansion of 23 MW and the Sacasol II, 32 MW plant in La Carlota, Negros Occidental.
“We are thrilled to continue working with BPI towards meeting the energy needs of our country,” he said.
SaCaSol is a joint venture between Bronzeoak Philippines Inc and ThomasLloyd.
ThomasLloyd currently holds the largest portfolio of renewable energy projects in the Philippines with a total of 14 power stations.