MANILA, Philippines—A wind farm project funded by the Rizal Commercial Banking Corp. (RCBC) was cited as Vietnam’s renewable energy deal of the year for wind power by The Asset magazine, the bank said on Friday.
In a statement, the Yuchengco-controlled financial institution said RCBC and RCBC Capital Corp. were lender and mandated lead arranger, respectively, of the BT1 Windfarm Joint Stock Company’s $118.28-million project finance facility in Vietnam.
The financing activity won the award during the The Asset Triple A Infrastructure Awards 2021. The awards ceremony will be held virtually next month.
The Asset Publishing and Research Ltd. is an integrated multi-media company that constructs content deploying new media, print, events and big data helping connect financial decision makers to the latest developments across financial sectors.
The award-giving body cited the measures employed by the bank to mitigate risks in the transaction as well as the deal’s role in promoting cross-border green financing in the region as the key considerations in their decision.
The BT1 Windfarm Joint Stock Company, located in Quang Binh province, is set to be the largest in Vietnam, with a total installed capacity of 252 megawatts (MW) upon completion and featuring turbines with hub-heights of 145 meters.
“This landmark transaction is projected to ensure the country’s energy security for years to come and perfectly illustrates how responsible lending can be utilized as an instrument of sustainable development,” RCBC corporate banking group head Elizabeth Coronel said.
The wind farm project was the first wind power project arranged and financed by the RCBC team in Vietnam. A second project was financed by the joint venture of AMI Group and AC Energy Corp.
“The award reflects the steadfast commitment of RCBC in upholding its environmental responsibilities through bank’s business activities and client relationships,” she added.
Apart from funding renewable energy projects, RCBC is also committed to make its operations green and sustainable, undertaking sustainability initiatives such as the development of its own sustainability finance framework.
This scheme aims to maximize strategies to raise funds to finance projects that are green and social in nature.
Earlier, RCBC president and CEO Eugene Acevedo announced that the bank will shift funding from coal-fired energy projects to renewables such as wind and solar energy.
TSB