Bank of the Philippine Islands (BPI) has extended a P6.1-billion project finance facility to renewable energy developer Cornerstone Energy Development Inc. (CEDI) to support a wind power project in Libmanan, Camarines Sur.
CEDI is a subsidiary of Aboitiz Renewables Inc (ARI), the holding company for Aboitiz Power Corp.’s renewable energy portfolio. BPI said in a statement Tuesday the financing would fund the 58.5-megawatt onshore Camarines Sur Wind Power Project, which marks AboitizPower’s first venture into wind energy.
The project is expected to boost the share of renewable energy in the national power mix in line with Department of Energy targets. Once operational, the facility will supply electricity to the grid and reduce greenhouse gas emissions.
BPI institutional banking head Louie Cruz said the project reflects the lender’s role in supporting the transition to a more sustainable energy mix.
“Our collaboration with CEDI and the Aboitiz Group underscores our commitment to financing projects that deliver long-term environmental, social, and economic impact. We are proud to support initiatives for clean energy development,” Cruz said.
Construction of the wind facility began in 2025 and is expected to benefit seven communities in Libmanan through job generation, infrastructure improvements and community programs.
CEDI and Aboitiz Renewables president Jimmy Villaroman said the partnership with BPI highlights the role of collaboration in advancing sustainable energy projects.
The deal follows a separate P7.4-billion project finance agreement signed in September between ARI and BPI. That facility funds the engineering, construction, operation and maintenance of the 221-megawatt peak Olongapo solar power plant in Zambales.
ARI manages a growing portfolio of solar, wind and hydropower projects. The company aims to expand its capacity to 4,600 megawatts of renewable energy by 2030.
