BDO Supports Major Renewable Energy Project in Nueva Ecija
BDO has approved a P10-billion loan to back the acquisition of the Casecnan Hydroelectric Power Plant in Nueva Ecija. This funding aids Fresh River Lakes Corporation, a subsidiary of a leading clean energy company, in buying the 165-megawatt facility valued at P29.5 billion (US$ 527 million).
Aside from the financing, BDO provided the bid bond, covered the purchase price, and facilitated the required U.S. dollar transactions. These efforts ensure the smooth transition of ownership without interrupting the plant’s operations.
Dual Role in Energy and Irrigation
The Casecnan plant is vital not only for generating renewable energy but also for managing water resources. Bukod pa rito, it supports the Pantabangan Dam by maintaining its water storage, which irrigates thousands of farms. This dual function strengthens food security and power stability in Luzon.
With ownership shifting from the government to the private sector, the plant continues to supply reliable, clean energy. This move aligns with the growing demand for sustainable power sources amid rising consumption.
Expanding Clean Energy Portfolio
The acquisition fits into a broader strategy to boost clean energy capacity. Currently, the parent company supplies 18% of the country’s electricity through natural gas, geothermal, wind, solar, and hydro power.
In the coming five years, the new owners plan to improve the plant’s efficiency and integrate it with other hydro assets. Moreover, they aim to explore additional renewable projects to further enhance energy security.
Commitment to Sustainable Growth
BDO’s support highlights its dedication to sustainable infrastructure that drives economic progress. This partnership represents a strong commitment to powering the country’s future while creating jobs for Filipinos.
As the nation moves toward greener energy, such investments are critical. They ensure a stable power supply and foster long-term development across Luzon and beyond.