Business World Online
Posted on March 24, 2011 08:59:52 PM
TWO UNITS of the Metrobank Group have partnered to help investors develop renewable energy projects, with one structuring funding requirements and the other determining the commercial viability of the ventures, a statement on Thursday read.
The partnership, formalized in a memorandum of understanding between First Metro Investment Corp. and Global Business Power Corp., “was conceived to draw and synergize on the expertise of First Metro in project finance and the experience of Global Power in developing power projects,” the statement read.
“It is hoped that with this joint cooperation, renewable project proposals can be realized, thereby promoting and encouraging investments in this sector.”
First Metro will help investors structure funding requirements and undertake fund raising. It said it had raised over $1.5 billion for the power sector in the last two years.
Global Power, meanwhile, will help establish the commercial viability of projects.
Francisco C. Sebastian, First Metro president, said the partnership will help realize the potential of renewable energy in the country.
“The key to realizing the potential of renewable energy projects in the Philippines is by establishing the business viability and financial feasibility of projects,” he was quoted as saying in the statement.
He stressed that renewable energy projects need to be commercially viable.
He noted that despite the government’s support for renewable energy through Republic Act 9513, or the Renewable Act of 2008, “there was a need to bridge the gap between these projects and the reality of generating bank financing for these projects.”
RA 9513 was signed into law in December 2008 and promotes the use of renewable energy sources such as wind power, solar energy, biomass, geothermal, hydroelectricity and ocean power.
“It is hoped that with this joint cooperation, renewable project proposals can be realized, thereby promoting and encouraging investments in this sector.”
First Metro will help investors structure funding requirements and undertake fund raising. It said it had raised over $1.5 billion for the power sector in the last two years.
Global Power, meanwhile, will help establish the commercial viability of projects.
Francisco C. Sebastian, First Metro president, said the partnership will help realize the potential of renewable energy in the country.
“The key to realizing the potential of renewable energy projects in the Philippines is by establishing the business viability and financial feasibility of projects,” he was quoted as saying in the statement.
He stressed that renewable energy projects need to be commercially viable.
He noted that despite the government’s support for renewable energy through Republic Act 9513, or the Renewable Act of 2008, “there was a need to bridge the gap between these projects and the reality of generating bank financing for these projects.”
RA 9513 was signed into law in December 2008 and promotes the use of renewable energy sources such as wind power, solar energy, biomass, geothermal, hydroelectricity and ocean power.
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