San Carlos Solar Energy (SaCasol), a Philippines-based joint venture, has been awarded bridge funding from the Bank of the Philippines (BPI) to develop its PV portfolio.
The funding is the first time solar has accessed bridge funding in the Philippines, and will be used to further the 22MW SaCaSol solar project in the Philippines. The funding agreement, for PHP500 million (US$11.4 million), was completed at the end of June.
Renewables investor, Thomas Lloyd, formed a joint venture with local developer, Bronzeoak, and recently brought the first segment of the Island State’s first utility-scale solar power plant online. The plant is in San Carlos City, Negros Occidental, and is managed by SaCaSol.
The first phase of the solar park, which has now been connected, is 13MW. In the coming months the remaining 9MW will also come online, to total 22MW.
President of SaCaSol, Jose Maria Zabaleta, said the funding would allow Sacasol to expand its portfolio of solar projects in construction – as announced at the inauguration of the first plant, 15 May.
Zabaleta also said the expansion of solar projects would help meet the Philippines’ growing daytime energy demands, and reduce reliance on diesel.
The funding “promotes the growth and development of renewable energy projects here in the country. It also helps address the issues of power shortages and the rising energy price”, said Alfonso Salcedo, executive vice president and group head of corporate banking.
After the Department of Energy announced it is to increase its solar tariff by a factor of ten back in May this year, Thomas Lloyd's head of project finance, Anthony Coveney told PV Tech the investment firm is now prioritising an 18MW solar project on the island of Negros and another project north of Manila.
The Philippines has a renewables target of 15GW by 2030 to help combat climate change. The island nation is more vulnerable to the effects of climate change due to its large coast lines. Last November the country was devastated by Typhoon Haiyan.