Security Bank Corporation (PSE:SEBC) and the ECO-Asia Clean Development and Climate Program (ECO-Asia) have signed a cooperation agreement to assist clean energy project developers in the Philippines access local and international sources of financing.
The participation of Security Bank Corporation (SBC), one of the country’s leading universal banks signifies its support to serve the funding requirements of local clean energy project developers. It also recognizes the financial viability of environmental-friendly projects that will encourage the business sector to tap the potential of clean energy projects.
ECO-Asia, a project of the U.S. Agency for International Development (USAID) Regional Development Mission for Asia, develops policy and finance solutions for clean energy through targeted assistance, training, regional cooperation, and knowledge sharing. ECO-Asia takes a regional approach by building partnerships in the six countries where it works: China, India, Indonesia, the Philippines, Thailand, and Vietnam.
ECO-Asia will assist Security Bank in assessing the technical and financial viability of clean energy projects through the Private Financing Advisory Network (PFAN), a multilateral partnership initiated by the Climate Technology Initiative (CTI) and managed in Asia by ECO-Asia. Since early 2009, PFAN networks that match clean energy projects with sources of funding have been set up in the Philippines, China and Indonesia. PFAN now has 35 projects in its pipeline in Asia with combined investment potential of over US$1.2 billion.
The partnership agreement was signed recently by (from left), SBC Senior Vice President and Corporate Banking Group Head, Ma. Cristina A. Tingson, SBC President and CEO, Alberto S. Villarosa, ECO-Asia Chief of Party Dr. Peter du Pont and Laurie B. Navarro, PFAN ? Philippines Coordinator.