PHL firm gets P192.4-billion investment from UK bank for large RE projects

by Marvyn N. Benaning - March 29, 2016
http://www.businessmirror.com.ph/phl-firm-gets-p192-4-billion-investment-from-uk-bank-for-large-re-projects/

THE Investment Bank Ltd. UK (TIBL) has signed an investment contract with Asiacrest Renewable Energy Corp. (Arec) on March 23 to support various large-scale renewable-energy (RE) projects in the Philippines in the next three years.

Arec said these projects cost €3.7 billion or P192.4 billion.

Senior TIBL executives, led by CEO Shanmugaveil Saunda Raju and Rajesh Kumar Duvvada, arrived in the Philippines to sign the agreement.

The TIBL executives also assessed the business environment in the Philippines and looked into the possibility of pouring more investments in other sectors, as well.

Projects funded by the agreement will provide up to 2 gigawatts (GW) of clean power across the country, generate more jobs and spur economic activities in many local communities.

The projects will also implement a knowledge­-transfer program, with experts from Spain, Australia, New Zealand, South Africa and the UK coming in to develop the local talent pool.

TIBL is a private investment and special-purpose vehicle that supports green technology, RE and humanitarian efforts worldwide, including engagement in research and development.

The bank regards the Philippines as the main hub for renewable and green energy in Southeast Asia.

Arec is a Filipino company that provides integrated turnkey solutions using the latest technologies to convert renewable sources into energy, such as solar, wind, hydro, tidal, biomass and geothermal.

Arec is a homegrown corporation engaged in the entire RE project cycle—from site assessment, planning, design, engineering, procurement and construction to commissioning, operations and maintenance.