HSBC Philippines headed by bankero Sandeep Uppal has issued its first sustainable commercial Letter of Credit (LC) to support the completion of 160-megawatt Pagudpud Wind Farm of Ayala-led ACEN Corp. (formerly AC Energy Corp.).
HSBC Philippine global trade and receivables finance head Trish Ramos said the bank’s trade facilities would help ensure unhampered progress in the completion of the Pagudpud Wind project providing timely access to credit to secure the plant’s primary components.
“HSBC is widely known in the market for its innovative products and sustainable financing solutions. We are very pleased to be playing a part in the growth of the Philippines’ emerging renewable energy sector,” Ramos said.
The trade facilities will provide LC capabilities to the wind project under the special purpose vehicle, the wholly-owned Bayog Wind Power Corp. (Pagudpud Wind), at a critical moment as they progress towards completing the Pagudpud Wind Farm development.
Once operational, the 32-turbine, 160 MW onshore wind power development located in the Pagudpud, Ilocos Norte would contribute to the government’s goal of achieving a more sustainable energy mix, with at least 50 percent from renewable sources by 2040.
ACEN, the listed energy platform of the Ayala group, has over 3,000 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia. It aims to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 5,000 MW of renewables capacity by 2025.
Last October, ACEN announced its commitment to achieve net-zero greenhouse gas emissions by 2050.
HSBC Philippines wholesale banking head Mimi Concha said the bank has always been on the lookout to support sustainability-related projects to accelerate the journey towards a ‘Net Zero’ economy.
‘We are delighted to hold hands with the Pagudpud Wind project team in delivering this green project into completion,” Concha concluded.