San Carlos Solar Energy taps bridge financing

MANILA, Philippines - San Carlos Solar Energy Inc. (SaCaSol) has tapped the local bridge financing market to finance its portfolio of solar projects, officials announced yesterday.

Ayala-owned Bank of the Philippines (BPI) provided the financing, according to SaCaSol president Jose Maria Zabaleta.

“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 announced at our plant’s inauguration on May 15, with the attendance of President Aquino. 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 said in a statement.

SaCaSol, a joint venture between Bronzeoak Philippines Inc. and ThomasLloyd Cleantech Infrastructure Fund, is currently constructing its solar project in Negros.

“This is an important benchmark transaction, as we work to develop the debt financing market for further renewable energy projects in the Philippines. We were delighted to work with the team at BPI and look forward to further market-leading transactions,” said Tony Coveney, head of Project Finance for ThomasLloyd.