MAKATI CITY, Philippines —RASLAG Corporation, the renewable energy arm of the power generation company Angeles Power Inc. (API), recently signed another financing agreement for its phase 2 expansion plan, RASLAG 2. This phase involves the expansion of the existing 10MW solar power plant (RASLAG 1) to 23.14MW.
In the photo (L-R): Dennis Montecillo, BPI Corporate Clients Segment Group Head (CCSG) and Executive Vice President; Peter G. Nepomuceno, President and General Manager of RASLAG Corp.;Jo-ann Precious Soriano, BPI CCSG Market Head; JM Sangco, BPI CCSG Division Head.
The company availed of a 12-year PHP-denominated term loan from the Bank of the Philippine Islands. BPI's Sustainable Energy Finance team, in partnership with the International Finance Corporation (IFC), supported this agreement by providing the technical evaluation of the project, while BPI/MS Insurance Corporation provided the insurance coverage of RASLAG 1.
The 23.14MW Photovoltaic (PV) Power Plant is located in Barangay Suclaban, Mexico, Pampanga. It is projected to have a total annual output capacity of 33,617 MWh at 99.5% plant availability upon completion, enough to supply electricity to about 20,700 households. The clean energy generated by the power plant is foreseen to reduce carbon dioxide emissions by 14,454 tons per year or equal to about 473,040 mature trees.
With this project, RASLAG Corporation aims to further expand the country's access to clean energy, ultimately reducing energy imports and dependence on fossil fuels. Bank of the Philippine Islands l 6768 Ayala Avenue, Makati City 1226 PH l (02) 818 5541 to 48 l www.bpiexpressonline.com
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