Philippine Government Bank, The Land Bank of the Philippines (LBP), partnered up with Kredistanstalt fur Wiederaufbau (KfW) of Germany to offer up a total of P1.2 billion of green financing to priority sectors to encourage them to undertake clean energy projects.
Dubbed as Land Bank’s Credit Line for Energy Efficiency and Climate Protection (Cleecp), approved projects for financing will be able to avail of a low interest loan up to 10 years in length.
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Publicly listed Metrobank had partnered up with the Sumitomo Mitsui Banking Corp (SMBC) of Japan for the development of a Clean Development Mechanism (CDM) project in the Philippines. Based from our understanding of the deal, SMBC will tap Metrobank’s extensive client base in the Philippines for subscription into the Carbon Credit Market.
Both banks are looking to tap into the Renewable Energy sector that was recently spurred by the passage and signing of the Philippine’s Renewable Energy Bill that seeks to give incentives to businesses that will put up renewable energy projects in the country. These businesses therefore make money, not just from their regular business model, but from the trading of their excess carbon units.
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Development Bank of the Philippines (DBP) president, Reynaldo David, said that they have entered into an agreement with three foreign companies for the possibility of exploring renewable energy projects in the Philippines.
DBP has already announced before that they have a P50 Billion fund for Renewable Energy(RE) funding with which developers can tap for loans.
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Biofuel producer San Carlos Bioenergy Inc, has announced that they will shelf plans to increase production of their bioethanol due to the lack of long term contracts being offered by the oil companies for their products. What they will do instead with their funds is build a 15MW biomass power plant. The company already has an existing 8MW Biomass power plant running near their distillery.
The main culprit for this is the lack of credit being offered, since banks won’t lend to the biofuel producer without a long term contract from the oil companies to guarantee a sure market for their bioethanol. With this, biofuel producers are feeling the tight credit market brought about by the world wide credit crunch.
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The Development Bank of the Philippines (DBP), a government bank, has a P50 Billion fund that renewable energy investors can loan from when setting up Renewable Energy Projects in the Philippines.
With the passage of the renewable energy bill into law in the Philippines a few weeks ago it has made this sector attractive because of the guarantee of a share in the National Grid, some tax and VAT exemptions as well as the fact that the Philippines demand for electricity is fast out stripping supply. More of the benefits to investors of the Philippine Renewable Energy Law can be found here.
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Aboitiz Power informed the Philippine Stock Exchange that they are in the process of obtaining P3.9B worth of funds for their acquisition projects.
Aboitiz Power signed a notes facility agreement with a number of institutions (BDO Capital & Investment Corp., BPI Capital Corp., First Metro Investment Corp., ING Bank N.V. Manila) to act as joint lead managers. The notes will carry a term of five and seven years and will be issued to not more than 19 institutional investors.
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