Local renewable energy (RE) developer Alternergy Holdings Corp. said the Bank of the Philippine Islands’ (BPI) provision of a funding facility of up to P4 billion for the 128 megawatts (MW) Tanay wind power project in Rizal province is among eligible assets financed by the green bond issued with support from the World Bank Group’s International Finance Corp. (IFC).
“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 Magbanua, Alternergy president, in a statement yesterday.
“We look forward to nurturing this green collaboration with BPI and its funding partners,” Magbanua added.
BPI also said the Tanay wind power project is the first asset to successfully embed BPI and IFC’s environmental and social management provisions in the facility agreement.
This is consistent with Alternergy’s Green Finance Framework which was recently adopted through technical assistance from the Asian Development Bank.
