Security Bank finances P2.7-B Ilocos solar plant

SECURITY BANK Corp. said it signed a P2.7-billion financing facility to fund construction of Astra Solar Energy Corp.’s 80.6-megawatt (MW) solar plant in Ilocos Norte.

“This transaction reflects our continued focus on financing infrastructure that supports long-term economic growth and the energy transition,” Security Bank EVP and Wholesale Banking Segment Head John Cary Lee Ong said in a statement on Tuesday.

Security Bank acted as the sole lender, green loan coordinator, and hedging bank for the transaction, while Security Bank Capital Investment Corp. was the mandated lead arranger and bookrunner.

The solar plant forms part of the bank’s growing renewable energy cluster in Currimao, alongside Mirae Asia Energy Corp.’s 20-MW solar facility and Nuevo Solar Energy Corp.’s 83-MW plant, both owned and operated by Vena Energy.

Security Bank is the sole lender for all three adjacent projects.

“We’re pleased to continue our partnership with Security Bank, who have now financed over 800 MW of clean energy capacity with us in the Philippines,” Vena Group Chief Investment Officer Simone Grasso said. “This reflects the strong confidence local financial institutions have in the country’s renewable energy sector and in Vena Group’s ability to deliver reliable, clean energy to Filipino communities.”

To date, Security Bank has supported 25 renewable energy projects totaling 1,580 medium voltage in capacity.

As of October, Security Bank has disbursed P99.4 billion in sustainable finance loans. — Aaron Michael C. Sy