The P4-billion loan, supported by the International Finance Corporation (IFC), is the first project under BPI’s green bond to fully incorporate environmental and social management provisions.
Management’s view
“We are delighted that the Tanay Wind Power Project is recognized as a core asset under the BPI-IFC Green Bond. This is our first project finance transaction with BPI. Throughout negotiations and due diligence, we witnessed a significant alignment of values and commitment towards sustainability between Alternergy and BPI,” said Gerry P. Magbanua, president of Alternergy.
“We look forward to nurturing this green collaboration with BPI and its funding partners,” he added.
BPI boosts sustainability efforts
“This transaction plays a crucial role in BPI’s effort to advance our commitment to sustainability,” said John-C Syquia, BPI head of institutional banking.
“We are deeply honored for this opportunity to work with Alternergy Group—who is truly a valuable client that shares the same vision on sustainability—and provide financing for their renewable energy project that promises to significantly benefit the environment and improve our energy security,” he added.
Clean power transition is in full swing
As part of the transaction, BPI also took on a leading role as one of the mandated lead arrangers for Alternergy’s P8-billion syndicated loan facility, securing a 50-percent stake in the funding.
Additionally, BPI/MS Insurance Corp. will handle the project’s insurance needs, while BPI Asset Management and Trust Corp. will serve as the facility agent and collateral trustee.
The Tanay Wind Power Project is expected to generate 261-gigawatt-hours annually, cutting carbon emissions by 178,420 tons each year.
This initiative aligns with the Philippines’ goal to increase renewable energy’s share to at least 35 percent of the energy mix by 2030.
