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BDO Unibank has raised a $50 million credit line via JBIC for on-lending to renewables projects in the Philippines. JBIC is providing a $25 million direct loan and a partial guarantee for the remainder of the credit line which will be co-financed by Japanese financial institutions. The deal signed on August 3.
As of April 2016, the Philippines had 1 GW of installed renewable energy capacity. A feed-in-tariff scheme was introduced in 2008 and is awarded on a first come first serve basis, on the condition that the project is more than 80% operational.
Between 2016 and 2020, the Department of Energy has a target to increase installed renewable capacity to over 5 GW. Most of the growth will be in geothermal and hydro power. Geothermal capacity is expected to grow from 220 MW to 1,100 MW and hydropower from 341 MW to 3.1 GW.