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Manila Bulletin devider Business devider Banking & Finance devider IFC, Thai RE firm explore Negros wind project

IFC, Thai RE firm explore Negros wind project

Published Jun 1, 2026 01:51 pm

International Finance Corp. (IFC) is collaborating with Thailand-based renewable energy (RE) developer Sermsang Power Corp. Public Co. Ltd. as the latter pursues its planned entry into the Philippines through a proposed RE generation project on Negros Island.

In a disclosure over the weekend, the private-sector arm of the World Bank Group (WBG) said phase one of its collaboration with Sermsang aims to support the Thai company’s expansion in Southeast Asia, beginning with the development of a market-entry strategy for the Philippines.

The project would be anchored by a study to be conducted by an external consultant to assess opportunities in the Philippine RE sector, IFC said.

The disclosure identified Sermsang and Bago Negros Energy Corp. as sponsors.

IFC said the first phase would also seek to optimize Sermsang’s existing RE portfolio in Thailand. Following the completion of the initial phase, IFC and Sermsang would determine the scope and work plan for a second phase of cooperation.

The Washington-based lender has yet to disclose the specific amount of funding commitment related to this collaboration or co-development project.

According to IFC, Sermsang currently owns and operates 282 megawatts (MW) of equity RE projects across Thailand, Japan, Mongolia, and Vietnam.

IFC’s collaboration with Sermsang would include environmental and social screening of potential projects identified through the Philippine market-entry strategy.

The disclosure comes as Sermsang advances plans for what could become its first RE investment in the Philippines.

Philippine News Agency (PNA) reported in July last year that the Thai firm was investing in the development of a wind power project in Bago City, Negros Occidental province.

The proposed project was expected to have a generating capacity of 150 MW using 23 wind turbines, with commercial operations initially targeted by the end of 2026.

PNA also earlier reported that Sermsang acquired the assets of Bago Negros Energy for $250 million in 2024.

Related Tags

International Finance Corp. (IFC) Sermsang Power Corp. Public Co. Ltd. Sermsang Power Corp. Bago City Negros Occidental Bago Negros Energy Corp. Negros Island Negros Island Region World Bank Group (WBG)
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