HSBC Philippines issued its first sustainable commercial letter of credit to support the completion of AC Energy Corp.’s 160-megawatt Pagudpud wind farm under the special purpose vehicle Bayog Wind Power Corp.
The bank said in a statement its 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,” said Trish Ramos, head of HSBC Philippines global trade and receivables finance.
Once operational by the first quarter of 2023, the 32-turbine, 160-MW onshore wind power development in Ilocos Norte will contribute to the government’s goal to reach a more sustainable energy mix, with at least 50 percent renewable sources by 2040. Alena Mae S. Flores