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RCBC: Biggest Funder of Southeast Asia's Largest Solar Farm
RCBC leads the funding of the country's largest solar power generation facility situated at Cadiz City, Negros Occidental.
Read the full article published by Manila Bulletin below.
RCBC leads funding of Southeast Asia's largest solar farm
Helios Solar: Southeast Asia's largest solar farm located in Cadiz City, Negros Occidental
Rizal Commercial Banking Corp (RCBC) recently served as the biggest funder to the country's largest solar power generation facility with RCBC Capital Corporation as the sole arranger. Helios Solar Energy Corp. ("Helios") inaugurated its 132.5-megawatt ("MW") solar farm in Cadiz City, Negros Occidental.
The project is Southeast Asia's largest solar farm which definitely placed the Philippines in the Renewable Energy Map. Its inauguration was graced by former Senators Miguel Zubiri and Richard Gordon, both staunch supporters of the Renewable Energy Law. Also present were local government officials led by Negros Occidental Governor Alfredo Maranon and Cadiz City Mayor Patrick Escalante.
RCBC's Executive VP and Group Head of Conglomerates and Global Corporate Banking Michelangelo Aguilar congratulated Helios for its feat of having built one of the top 10 largest solar power plants in the world. He likewise reiterated RCBC's support to Equis' other renewable projects in the pipeline. Equis is Asia's largest independent renewable energy developer and investor with more than USD 2.7 billion of funds under management
The project is first of its size in Southeast Asia. It has contributed significant value and opportunities to communities in Negros Occidental having employed over 2,000 local people during the construction phase. Additionally, it is estimated that the project will produce 188,500 MWh of solar power per year, an amount enough to power approximately 167,526 households, save 177.7 million litres of water, and decrease carbon emissions by 94,627 tons per year (equivalent of 10 years of carbon sequestered by planting 2.4 million trees).
It was developed through a partnership between Gregorio Araneta, Inc. ("GAI") and Soleq, which is owned by Equis. Soleq is one of Southeast Asia's largest solar independent power producers. This project follows the partnership's first solar project, a 30 MW solar generation facility in Ormoc, Leyte, which was commissioned in April 2015.