Top Philippine bank, Bank of the Philippine Islands (BPI), announced that they have P5 Billion worth of funds to offer out as loans to renewable energy projects and projects related to energy conservation. BPI has already lent out P1.2 Billion to projects related to renewable energy and energy efficiency.
The P5 Billion is in partnership with the World Bank’s International Finance Corp (IFC). The IFC has been active in funding renewable energy projects in the region.
BPI itself has invested over P100 million for energy efficient equipment for its offices and banks branches and has plans to further reduce its energy and water consumption at their head office by 5%. It also plans to reduce further the carbon foot print of all its active branches.
Along with that it wants to create partnerships with energy and environment advocates (such as the World Wild Life Fund) and increase its micro lending business.
BPI parent company, Ayala Corp, earlier this week announced its interest in investing in Renewable Energy projects as a door way to entering the lucrative energy service sector.
[source]
Category: Clean Energy, Financing
