BDO Unibank Inc. (BDO) has reaffirmed its commitment to sustainable development as it continues to support the growth and expansion of clients’ renewable energy projects which the Bank considers as a priority sector in financing.
BDO financed the first renewable energy biomass power plant of Isabela Biomass Energy Corporation (IBEC), a Filipino-owned corporation which uses rice mill waste to generate and supply electricity in the community through alternative sources of energy. The abundance of rice husk in Isabela allows IBEC to utilize renewable energy and produce clean fuel as a sustainable source of power for the country. The company also provides livelihood to the locals by giving value to agricultural residues which include rice husks, coconut and corn waste, utilized as fuel sources to maintain the power plant’s operations.
BDO also funded IBEC’s succeeding expansion projects. This is aligned with the Bank’s commitment in transitioning to a low carbon economy by providing access to capital to contribute to the reduction and avoidance of greenhouse gas (GhG) emissions through renewable energy alternatives.
“It is financially challenging to expand our business without BDO’s funding. They continue to trust and accommodate us by providing assistance on our operational needs and lease lines. We are grateful to BDO for being supportive not only in our power generation companies but also in our agriculture trading and milling factories,” said Leoncio Tan, President of IBEC.
IBEC’s decade-long partnership with BDO continues with the Bank’s support in building a second biomass power plant, Cagayan Biomass Energy Corporation (CBEC). IBEC hopes to further increase its power plant capacity to be more self-sufficient in power generation using local resources while helping the local community with more affordable electricity.
