Sacasun taps BDO to finance P3.7-B solar project in Negros Occidental

by Lenie Lectura – December 12, 2015

from Business Mirror

SAN Carlos Sun Power Inc. (Sacasun) has tapped BDO Unibank for a P3.7-billion loan to finance its solar-power project in Negros Occidental.

Sacasun is the joint-venture company between SunEdison Philippines Helios BV and Aboitiz Renewables, Inc., the holding company of Aboitiz Power Corp.’s investments in renewable energy.

Sacasun said on Friday it signed an Omnibus Loan and Security Agreement with BDO Unibank Inc. to secure a loan in the amount of up to P3.7 billion. The proceeds of the loan will be used to finance the construction, development and operation of Sacasun’s 59-megawatt (MW) solar photovoltaic power-generation facility at San Carlos City, Negros Occidental.

This is AboitizPower and SunEdison’s first joint solar-power project since both companies struck a deal in November 2014 to explore, develop, construct and operate up to 300 MW of utility-scale solar photovoltaic power-generation projects in the Philippines over the next three years.

Both have engaged Nari Group Corp. as engineering, procurement and construction (EPC) contractor. Nari Group has successfully completed more than 30 projects in the Philippines.

AboitizPower said the Negros solar-energy project is set for commercial operations in the first quarter of 2016, and will be one of the largest solar-power projects in the Philippines.

“This project supports the call by the government to maximize the renewable energy potential of the country. AboitizPower is one of the biggest renewable-energy producers in the country and we will continue to expand this capacity. This project is a testament to that commitment,” AboitizPower President Antonio Moraza said.

The power firm will continue to pursue the right mix of energy sources to ensure reliability and a reasonable cost of power to the end consumers.

AboitizPower and its partners currently produce a total 3,044 MW of power, 40 percent of which comes from its Cleanergy portfolio made up of hydro and geothermal power plants.

Along with its partners, the company is committed to increase its total capacity by over 2,000 MW in the next five years.

The company is expanding its renewable-energy portfolio to solar and geothermal, consistent with its plans to provide the country with the right energy mix.

On top of the 300-MW solar projects with SunEdison in the medium term, AboitizPower is also eyeing to develop 200 MW in potential run-of-river power projects across the country.