BANK of the Philippine Islands (BPI) has extended P376 billion in cumulative financing under its Sustainable Development Finance (SDF) Program, supporting 532 projects as it ramps up funding for renewable energy and other sustainability initiatives.
In a statement on Friday, the lender said SDF disbursements reached P54 billion alone last year, bringing total financing under the program to the highest level in the Philippine banking industry.
The bank said projects financed under the program were estimated to reduce greenhouse gas emissions by 41 million tons annually.
“These transactions underscore BPI’s commitment to enabling large-scale infrastructure that advances energy security and sustainability,” BPI institutional banking head Louie Cruz said.
Among BPI’s biggest renewable energy transactions is its participation in a P214.87-billion syndicated loan for Prime Infrastructure Inc.’s two pumped-storage hydropower projects in Laguna and Rizal.
The bank is also among the lenders backing the P150-billion MTerra Solar project in Nueva Ecija and Bulacan and is also financing renewable energy projects of Citicore Renewable Energy Corp. (CREC), ACEN Corp., Alternergy Holdings Corp., SN Aboitiz Power Group, Aboitiz Renewables Inc. and Levanta Renewables.
Several of the projects financed by the bank, including Prime Infra’s hydropower developments, CREC’s Batangas solar project and the MTerra Solar project, have been certified as energy projects of national significance.
BPI’s share price was unchanged at P101 each on Friday.