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Manila Bulletin devider Business devider Banking & Finance devider BPI backs ₱376-billion renewable energy push

BPI backs ₱376-billion renewable energy push

Published Jul 3, 2026 02:08 pm
Jose Teodoro “TG” K. Limcaoco
Jose Teodoro “TG” K. Limcaoco
An aerial view of MTerra Solar’s 3,500-MWp solar project, one of the largest solar developments in the country. Photo courtesy of Meralco PowerGen Corporation (MGEN).
An aerial view of MTerra Solar’s 3,500-MWp solar project, one of the largest solar developments in the country. Photo courtesy of Meralco PowerGen Corporation (MGEN).
An aerial view of SN Aboitiz Power Group's Battery Energy Storage System (BESS) facilities, located at the border of Isabela and Benguet.
An aerial view of SN Aboitiz Power Group's Battery Energy Storage System (BESS) facilities, located at the border of Isabela and Benguet.
Alternergy Group’s 128-MW wind farm in Tanay, Rizal.
Alternergy Group’s 128-MW wind farm in Tanay, Rizal.

The Ayala Group’s Bank of the Philippine Islands (BPI) reinforced its leadership in sustainable finance, supporting some of the country’s largest and most transformative renewable energy (RE) projects through a series of landmark financing deals worth a total of ₱376 billion.

Helping advance the Philippines’ journey to a low-carbon economy, these transactions are anchored on BPI’s sustainable development finance (SDF) program, a key driver of the bank’s RE initiatives and broader sustainability agenda.

Through the program, BPI finances projects that generate positive environmental and social impact while supporting the country’s long-term development goals.

In 2025, SDF disbursements reached ₱54 billion, bringing total cumulative financing under the program to ₱376 billion across 532 projects—the highest in the Philippine banking industry.

These initiatives are estimated to reduce greenhouse gas (GHG) emissions by 41 million tons annually while supporting sustainable water and energy solutions nationwide.

Across 2024 and to date, BPI has played a key role in financing major RE developments spanning solar, wind, hydro, and battery energy storage systems (BESS), demonstrating its commitment to strengthening the country’s energy security while accelerating the adoption of clean energy.

Among its largest transactions, BPI served as one of the largest lenders in the ₱214.87-billion syndicated facility for Prime Infrastructure Capital Inc.’s (Prime Infra) two pumped-storage hydropower plants in Laguna and Rizal provinces—a combined two-gigawatt (GW) development expected to become a cornerstone of national grid stability.

The bank is also among the lenders supporting the ₱150-billion MTerra Solar project, which includes a 3,500-megawatt-peak (MWp) solar facility and a 4,500-megawatt-hour (MWh) BESS project in Nueva Ecija and Bulacan provinces. Once completed, it is expected to become one of the world’s largest integrated solar and BESS facilities.

Expanding its solar energy portfolio, BPI is financing a ₱3.975-billion loan facility for Citicore Renewable Energy Corp.’s (CREC) 113-MWp solar project in Pangasinan province and is participating in the ₱12.63-billion syndicated loan for CREC’s 377-MWp solar project in Batangas province.

The bank also continued to broaden its RE footprint through wind power projects. Together with other lenders, BPI partially financed the capital expenditures (capex) of also Ayala-led ACEN Corp.’s ₱34.41-billion Quezon North wind 1 project, which is set to become the largest onshore wind facility in the Philippines upon completion. BPI is funding the project’s first phase of development.

Further strengthening its wind portfolio, BPI signed an ₱8-billion maiden deal with Alternergy Group in 2024 to help finance a 128-MW wind farm in Tanay town, Rizal province.

Of the total facility, ₱4 billion is supported by BPI’s green bond issued with the World Bank Group’s (WBG) International Finance Corp. (IFC), marking the first transaction under the program to incorporate environmental and social management provisions into the facility agreement. - James A. Loyola

Related Tags

Bank of the Philippine Islands Prime Infrastructure Capital Inc. Citicore Renewable Energy Corp. (CREC) Alternergy Holdings Corporation ACEN Corporation SN Aboitiz Power Group (SNAP)
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