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Philippines Solar Projects Get USD100mn Green Financing Deal


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  • 15 Sep 2023
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Philippines Solar Projects Get USD100mn Green Financing Deal

HSBC and Temasek's sustainable infrastructure debt financing partnership, Pentagreen, has joined forces with Citicore Solar Energy Corporation (CSEC) to facilitate the deployment of solar projects in the Philippines. Pentagreen has structured a USD100mn mezzanine construction green loan facility and initially committed USD30mn to support a portfolio of six solar power projects on Luzon Island with a combined capacity of 490 megawatts. This partnership marks Pentagreen's inaugural international institutional investment, with the potential to extend its commitment to USD100mn for further projects, aiming to advance the Philippines' renewable energy objectives. These projects are anticipated to deliver around 691 gigawatt hours of renewable electricity annually and reduce greenhouse gas emissions by approximately 430,000 tonnes of CO2 per year. CSEC, the developer behind these projects, intends to roll out 1 gigawatt of solar capacity each year for the next five years.

Source: ESGNewsasia