23.2 C
Batangas

BDO champions renewable energy financing

Must read

- Advertisement -

BDO Unibank Inc. (BDO) reaffirms its commitment to sustainable development as it continues to support the growth and expansion of clients’ renewable energy projects which the Bank considers as a priority sector in financing. 

BDO financed the first renewable energy biomass power plant of Isabela Biomass Energy Corporation (IBEC), a Filipino-owned corporation which uses rice mill waste to generate and supply electricity in the community through alternative sources of energy. The abundance of rice husk in Isabela allows IBEC to utilize renewable energy and produce clean fuel as a sustainable source of power for the country.  The company also provides livelihood to the locals by giving value to agricultural residues which include rice husks, coconut and corn waste, utilized as fuel sources to maintain the power plant’s operations.

BDO also funded IBEC’s succeeding expansion projects. This is aligned with the Bank’s commitment in transitioning to a low carbon economy by providing access to capital to contribute to the reduction and avoidance of greenhouse gas (GhG) emissions through renewable energy alternatives.

Isabela Biomass Energy Corporation’s biomass plant generates power day and night

“It is financially challenging to expand our business without BDO’s funding. They continue to trust and accommodate us by providing assistance on our operational needs and lease lines. We are grateful to BDO for being supportive not only in our power generation companies but also in our agriculture trading and milling factories,” said Leoncio Tan, President of IBEC.

IBEC’s decade-long partnership with BDO continues with the Bank’s support in building a second biomass power plant, Cagayan Biomass Energy Corporation (CBEC). IBEC hopes to further increase its power plant capacity to be more self-sufficient in power generation using local resources while helping the local community with more affordable electricity.

Biomass is a high potential renewable energy source for the Philippines given that 40% of the population is engaged in agriculture and the country has an abundance of organic agricultural waste.  BDO has the leading expertise for biomass energy financing, having funded the first biomass power plant in 2013 and with 15 biomass projects in its portfolio with a total installed capacity of 164 megawatts. This total installed capacity supplies 230,131 households with renewable energy, supports 170,915 farmers, and is equivalent to avoiding emissions of 103,451 passenger vehicles in a year.  

BDO continues to offer financial support to eco-friendly companies and renewable energy projects to create opportunities, uplift the lives of Filipinos and help drive national development while transitioning to a low carbon, environmentally responsible, and socially inclusive economy.| – BNN

- Advertisement -
- Advertisement -

More articles

THE Philippine entertainment industry lost another renowned actress, Jacklyn Jose, or Mary Jane Santa Ana Guck in real life. The iconic star, who was born on October 21, 1964 in Angeles, Pampanga was known was her exemplary performance as an...
HEEDING the president’s call to provide assistance to victims of calamities, the Government Service Insurance System (GSIS) has opened its emergency loan window until March 15 to aid GSIS members and pensioners adversely affected by the flooding in the...
Maxim, one of the major network companies in the Philippines, has obtained Certificate of Accreditation as Transport Network Company from the Department of Transportation and the Land Transportation Franchising and Regulatory Board (LTFRB). The company is now announcing the...
- Advertisement -

Latest article

- Advertisement -