IRRI SEEKS TO DELIVER BOLDER RICE SCIENCE FOR A HEALTHIER PLANET

BDO Unibank Inc. is taking a leading role in financing the world's largest integrated solar and battery storage project, MTerra Solar, which is being built to help meet the Philippines' rising power demand.

- By KEISHA TA-ASAN

The Sy-led bank said it is the biggest lender to the P150-billion project finance facility, giving the largest commitment among a six-bank syndicate. The project is expected to supply clean energy to 2.4 million households once completed.

The massive renewable energy initiative is being spearheaded by Meralco PowerGen Corp. (MGEN), through its investment in SP New Energy Corp., the parent firm of Terra Solar Philippines Inc. (TSPI).

"As the world's largest solar project and a first in the Philippines, it was essential to partner with the country's largest bank, BDO," MGEN president and CEO Emmanuel Rubio said. "We need financial backing from the nation's best banks to support a project of this scale," he said.