BDO Unibank Inc. (BDO) reinforces its commitment to sustainable development as it continues to support the growth and expansion of clients’ renewable energy ventures which the Bank considers as a cornerstone sector in financing.
Partner farmers at CREC’s solar power plants start the harvest process for eggplants, which are part of the second batch of the Agrosolar Initiative BDO Unibank Inc. reinforces its commitment to sustainable development as it continues to support the growth and expansion of clients’ renewable energy ventures which the Bank considers as a cornerstone sector in financing.
Citicore Renewable Energy Corporation , an affiliate company of Megawide Construction Corporation helmed by infrastructure innovator Edgar Saavedra, stands at the forefront of the Philippines’ renewable energy industry with a vision to power a First-World Philippines with pure renewable energy. It has a diversified portfolio of solar and hydro-powered energy projects across the country. Citicore Renewable Energy Corporation’s Operations team helps partner farmers tend to the planted crops “The goal is to bring down the cost of electricity by assisting the government in its goal to increase the share of renewable energy in the power generation mix. To the best of our ability, we want to offer affordable cost of electricity for Filipinos. This is part of our vision to power a first-world Philippines using clean energy and partners like BDO are helping to make this a reality,” said Oliver Tan, President and CEO of CREC. Prior to this position, Tan was the Chief Finance Officer of Megawide. BDO provided project financing for the development of the largest solar plant in Batangas, CREC’s Citicore Solar Batangas 1 project. Comprised of two solar plants located in Tuy, Batangas, the project will have a peak generating capacity of 140 MWac once operational and will cover approximately 158,000 BDO and the Saavedra group have had a longstanding partnership in financing large scale development projects, such as flagship infrastructure contracts undertaken by Megawide for the Philippine government. “Our business relationship with BDO has spanned 15 years. They were among the companies that extended their support to us even when we were just starting so this partnership is one that is remarkably close to our hearts,” said Oliver Tan,He talked further about how BDO helped the company in its journey to diversify from pure construction to infrastructure development. “BDO provided line facility for Megawide’s construction business early on, and when we did the IPO in 2011, BDO Capital was our underwriter. When Megawide won its crown jewel asset, the Mactan-Cebu airport, BDO was at the forefront supporting us by providing the majority of project financing requirements. It extended the same opportunity when Megawide won the contract for the Paranaque Integrated Terminal Exchange , the country’s first landport.” Tan explained this support is why they chose to continue the partnership with BDO for CREC and its projects in renewable energy. “Our relationship with BDO has grown and we really value the trust, confidence and the opportunities given to us by BDO,” shared Tan. BDO once again played a critical role for the group in 2022 when CREIT, the real estate investment trust subsidiary of CREC, was the first renewable energy-themed REIT to be listed in the Philippine Stock Exchange back in 2022. BDO Capital & Investment Corporation was a joint global coordinator for the IPO and served as a lead local underwriter on the project. Highly regarded for its groundbreaking structure, the IPO has been adopted as a case study by regional banks in Singapore and Malaysia.targets to contribute approximately 1.0GW of ready-to-build/under construction solar energy capacity each year over the next five years. BDO Capital, this time, supported the IPO of CREIT’s sponsor, CREC, as it listed in the PSE last 7 June 2024, acting as Domestic Lead Manager and Joint Bookrunner. CREC aims to diversify its renewable energy portfolio by adding onshore and offshore wind projects and battery energy storage systems in the medium to long-term. In terms of community involvement, CREC pioneered the AgroSolar initiative in the Philippines that enables solar energy generation to co-exist with agriculture. BDO continues to expand its Sustainable Finance initiatives, in place since 2010, towards funding new and existing renewable energy projects to increase their capacity and support the country’s Nationally Determined Contributions to the 2015 Paris Agreement that aims to reduce 75% of the country’s greenhouse gas emissions by 2030. As a key contributor to help accelerate the Philippine economy, the Bank remains committed in creating a sustainable and equitable future while transitioning to a low carbon, environmentally responsible, and socially inclusive economy. Being business-savvy should be fun, attainable and A+. BMPlus is BusinessMirror's digital arm with practical tips & success stories for aspiring and thriving millennial entrepreneurs.Know more
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