SB CAPITAL INVESTMENT Corp., the investment banking arm of Security Bank Corp., has closed a P2.015-billion financing facility for a solar energy project in San Pablo, Isabela, as a part of the bank’s push to support renewable energy.
The power will fund the development and development of Solar Valley Energy Solutions, Inc., a 65-megawatt-peak (MWp) ground-mounted solar energy project, the bank said in an announcement on Thursday.
The project is a three way partnership between Alba Renewables Philippines and Soleos Energy Partners Pte. Ltd.
“This transaction reflects our commitment to financing high-quality renewable energy projects that deliver long-term value,” Security Bank Capital Investment Corp. President and Chief Executive Officer Virgilio O. Chua said.
“By supporting Alba Renewables’ Solar Valley project, we’re helping speed up the country’s clean energy transition while backing infrastructure that contributes to energy security, emissions reduction, and resilient growth.”
Security Bank Capital acted as mandated lead arranger and bookrunner, while Security Bank served as sole lender, providing the total senior term loan facility.
“Renewable energy plays a critical role in supporting inclusive and sustainable economic growth,” Security Bank Corporate Banking Group Head Yvonne Joanna P. Marcelo said.
“By financing projects like Solar Valley, we help strengthen the country’s energy mix while enabling reliable, cost-competitive power for communities and businesses.”
Once accomplished, Solar Valley will supply renewable energy capability to the Luzon grid under a set 20-year tariff awarded through the federal government’s Green Energy Auction Program (GEAP), providing revenue stability and long-term money flow visibility.
“Construction is currently underway, supported by the event expertise of Alba Renewables and the worldwide operating capabilities of Brookfield,” Security Bank said.
The transaction also marks Alba Renewables’ first project financing following its acquisition by global investment firm Brookfield Asset Management.
Alba Renewables is a regional independent power producer focused on developing utility-scale solar, wind, and battery storage projects across Southeast Asia. It has offices in Thailand, the Philippines, and Singapore. — Aaron Michael C. Sy