San Carlos Solar Energy, Inc (SaCaSol) has secured bridge financing for its 22-megawatt (MW) solar power plant in Negros Occidental, according to a statement.
The renewable energy developer said it tapped the bridge financing market in the country for the first time, signing an agreement with the Bank of the Philippine Islands (BPI).
The size of the package was not disclosed. The 22-MW solar project located in San Carlos City was earlier estimated to cost about P1.9 billion overall.
The first phase of the project, involving a 13-MW plant, is already operational while the remaining 9-MW is expected to be operational in the coming months.
SaCaSol is a joint venture between Bronzeoak Philippines, Inc. and ThomasLloyd Cleantech Infrastructure Fund.
“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,” the statement quoted SaCaSol President Jose Maria P. Zabaleta as saying.
“This new partnership with BPI is key to helping us deliver a larger portfolio of projects to meet the growing needs of our country for daytime power to reduce our reliance on diesel peaking plants,” he added.
For his part, ThomasLloyd Head of Project Finance Tony Coveney said the agreement with BPI is an “important benchmark transaction.”
“We were delighted to work with the team at BPI and look forward to further market-leading transactions,” he noted.
Alfonso L. Salcedo, Jr., BPI’s executive vice-president and group head of Corporate Banking, welcomed the bank’s role in the Philippines’ first large-scale commercial solar facility.
