MANILA, Philippines - The joint venture of AboitizPower and SunEdison Philippines Helios BV has secured a P3.7-billion loan from BDO Unibank Inc. to bankroll the construction of its 59-megawatt (MW) solar project in Negros Occidental.
AboitizPower disclosed yesterday San Carlos Sun Power Inc. (Sacasun) signed an omnibus loan and security agreement with BDO for a loan 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-MWp (megawatt peak) solar photovoltaic power generation facility located at San Carlos City, Negros Occidental,” the company said.
Sacasun is the joint venture between SunEdison and Aboitiz Renewables Inc., the holding company of AboitizPower’s renewable energy investments.
The project company was initially called Maaraw Holdings San Carlos Inc. when both parties signed a shareholders’ agreement last August to formalize the partnership.
Sacasun will be 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.
For this facility, AboitizPower and SunEdison have engaged Nari Group Corp. as engineering, procurement and construction (EPC) contractor.
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 upon completion.
AboitizPower has committed to raise its total capacity by over 2,000 MW in the next five years from the current 3,044 MW.
With 40 percent of its total capacity coming from hydro and geothermal power plants, it is now expanding its renewable energy portfolio to solar and geothermal.