San Carlos Solar signs P500-million loan deal with BPI

Posted on May 08, 2015

SAN CARLOS Solar Energy, Inc. (Sacasol) has obtained an additional P500 million worth of funding from a local lender to finance more projects, its parent firm announced in a statement.

BW File Photo
ThomasLloyd Group said Bank of the Philippine Islands (BPI) will provide additional P500 million “to finance further solar power station construction.”

“With this transaction, BPI will have provided a total of P1.5 billion [to Sacasol] since July 2014,” the statement posted on the company’s Web site read.

Sacasol -- a joint venture between ThomasLloyd Cleantech Infrastructure Fund and Bronzeoak Philippines, Inc. -- currently owns and operates a 22-megawatt (MW) solar farm in San Carlos City, Negros Occidental.

The company is currently undertaking a two-phase expansion of this project, involving another 10-MW and 13-MW solar facilities.

In the pipeline are four more solar projects all in Negros Island. These are 32-MW plant in La Carlota City; a 33-MW farm in Manapla; a 30-MW facility Bais City; and a 50-MW project in San Carlos Economic Zone.

“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,” ThomasLoyd Group Chairman and Chief Executive Officer T.U. Michael Sieg said in a statement.

ThomasLloyd Group Head for Project Finance Tony Coveney added that the funding “will allow timely completion of solar power stations already fully planned for the island of Negros, in the Visayas region of the Philippine archipelago.”

Don Mario Y. Dia, director at Bronzeoak Philippines, said: “We are thrilled to continue working with BPI towards meeting the energy needs of our country.”

Mr. Dia added the additional funding will specifically be used for the ongoing 23-MW expansion in San Carlos City and the new 32-MW plant in La Carlota City.

For his part, BPI Head for Corporate Client Segment Group Daniel G. Montecillo said: “This transaction highlights the bank’s commitment to supporting power generation in an environmentally friendly manner.”

The funds released by BPI to Sacasol form part of the bank’s financing of country’s first utility scale solar power plant. -- Claire-Ann Marie C. Feliciano