Insider Spotlight
The solar facility, developed by Solana Solar Beta Inc., a unit of CN Green Roof Asia, is expected to generate about 35.5 gigawatt-hours of electricity annually and supply 10 MW of equivalent generation to Peninsula Electric Cooperative Inc. (PENELCO) under a 20-year power supply agreement.
The big picture
The refinancing marks Security Bank's first transaction with Climate Fund Managers, a blended climate finance investment manager, and Norfund, the Norwegian investment fund for developing countries.
The bank acted as sole lender, while Security Bank Capital Investment Corp. served as arranger and the Trust and Asset Management Group acted as facility agent and security trustee, the company said in a release.
The Omnibus Loan and Security Agreement was signed on May 26, with loan disbursement completed on June 25.
"Electric cooperatives play an important role in delivering electricity to communities across the country," Security Bank corporate banking group head Yvonne Marcelo said in a statement.
"Through this transaction, we are supporting the delivery of additional renewable energy capacity in Bataan while establishing our first partnership with Climate Fund Managers and Norfund. As sole lender, we continue to support investments that contribute to the expansion of renewable energy infrastructure in the Philippines," Marcelo said.
Why it matters
The project supplies renewable electricity directly into PENELCO's distribution network through an embedded connection, helping serve communities across Bataan. PENELCO has a peak demand of about 148 MW.
"We are pleased to partner with Security Bank on this transaction, which demonstrates the growing role local financial institutions can play in supporting renewable energy infrastructure in the Philippines," Climate Fund Managers investment director Ryan Oetama said.
Norfund senior investment manager Felix Barwinek said the transaction supports energy security and diversification of the country's power mix, while CN Green Roof Asia CEO Steve Rawles said the refinancing highlights continued investor confidence in well-structured renewable energy projects across Southeast Asia.
By the numbers
The transaction brings Security Bank's renewable energy financing portfolio to 24 projects with a combined installed capacity of 4.30 GW. It also adds to the bank's sustainable finance portfolio, which reached P116.95 billion in total disbursements as of May 2026. —Princess Daisy C. Ominga | Ed: Corrie S. Narisma
