AboitizPower Corp. secures a loan of P20 billion from the state-run Land Bank of the Philippines in order to finance its expansion of renewable energy projects. Liza Montelibano is AboitizPower’s chief financial officer.
Montelibano stated that he was looking forward to working with Landbank and other financial institutions to help drive the growth in renewable energy in the country.
Landbank is committed in supporting the development of renewable energy sources in order to increase access to reliable, clean, and sustainable power. This will help mitigate the impacts of climate change.
AboitizPower is aiming to expand its Cleanergy portfolio both domestically and internationally in order to build the country’s renewable energy sector and help contribute to global renewable energy goals.
According to Jimmy Villaroman, chief renewables officer, the long-term debt financing will be used to finance AboitizPower’s ongoing expansion and development projects.
He stated, “This loan will enable us to continue providing sustainable and clean energy to meet the growing demand for the country.”
Villaroman stated that the loan facility aligns with AboitizPower’s 10-year strategy to grow its renewable energy portfolio by 4,600 MW or half the total 9,200 MW capaciÂty. It also supports its thermal assets which Villaroman hopes to generate by 2030.
AboitizPower plans to invest P190 billion in the next decade to add 3,700 MW in clean energy capacity. The company currently has more than 1,000 MW of renewable projects. These include solar, floating, hydro, and onshore wind. AboitizPower’s renewable energy unit Aboitiz Renewables Inc. is seeking to raise capital through green bonds. ASEAN green bonds are bonds and sukuk that comply with the ASEAN Green Bond Standards. Proceeds will only be used to finance or refinance new or existing eligible green projects.
Green projects that are eligible include renewable energy, energy efficiency, and pollution prevention and control. They also allow for environmentally sustainable management and land use.
