Bank of the Philippines Islands is the first financial institution to finance solar facilities on the Philippines.

The Bank of the Philippines Islands (BPI) made two loans totalling 1 billion Philippine pesos (around USD 24 million) available to San Carlos Energy Inc. (SaCaSol), a subsidiary of the ThomasLloyd Cleantech Infrastructure Fund, in July 2014. The loans, which will used to build up the Fund’s solar projects more quickly, are the first of their kind to be provided by a Philippine financial institution in this sector and therefore represent an important benchmark transaction in the Philippine capital market. The Bank provided San Carlos Solar Energy Inc. (SaCaSol) with a third loan in May 2015, representing a further PHP 500 million. This transaction brings the total financing volume to PHP 1.5 billion. To press release