Seeking to expand its portfolio of solar power projects, San Carlos Solar Energy Inc. has tapped the bridge financing market in the Philippines for the first time through the Bank of the Philippine Islands (BPI).
San Carlos opened the first phase of its European-funded solar farm project in San Carlos City, Negros Occidental, last May 15.
Getting financing from BPI is key to San Carlos’ delivery of a larger portfolio of projects to meet the growing needs for daytime power in the Philippines and reduce the country’s reliance on diesel plants, San Carlos president Jose Maria P. Zabaleta said in a statement.
“Having constructed and grid-connected the first utility-scale solar plant in the country, we are keen to make the most of our experience, and pursue our expansion projects announced at our plant’s inauguration on May 15,” Zabaleta said, referring to the event where the guest of honor was President Aquino.
The first unit, with a capacity of 13 megawatts (MW), was inaugurated on May 15. The P1.9-billion project, which eventually will be expanded to 22 MW, will help ease power supply concerns in the Visayas and aid the government’s effort to add more renewable energy capacity to the country’s overall supply mix.
San Carlos is a joint venture between Bronzeoak Philippines Inc. and ThomasLloyd Cleantech Infrastructure Fund. The San Carlos portfolio currently under construction is located on the island of Negros as part of the Visayas grid.
“This is an important benchmark transaction, as we work to develop the debt financing market for further renewable energy projects in the Philippines. We were delighted to work with the team at BPI and look forward to further market-leading transactions,” said Tony Coveney, head of project finance for ThomasLloyd.
The initial success of the first project in San Carlos City has opened the door for ThomasLloyd and its partners to develop and finance other solar plants, as seen in the Sacasol II project, said ThomasLloyd Group chair T.U. Michael Sieg.