San Carlos Solar Energy get bridge financing for solar projects

San Carlos Solar Energy Inc. (SaCaSol) has secured bridge financing from the Ayala-owned Bank of the Philippines (BPI) to finance its portfolio of solar projects.

San Carlos is a joint venture between Bronzeoak Philippines Inc. and ThomasLloyd Cleantech Infrastructure Fund.

Jose Maria Zabaleta, SaCaSol president, stated:

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.

Tony Coveney, head of project finance for ThomasLloyd, commented:

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.

The first 22 MW solar power plant is located in Negros Occidental. The first 13 MW unit of the plant was inaugurated on 15 May 2014. The P1.9 billion (US$43.5 million) project, will help ease power supply concerns in the Visayas and aid the government’s effort to add more renewable energy capacity to the country’s overall supply mix.

The project is the first utility-scale solar ever built in the Philippines after the passage of the Renewable Energy Act.