Security Bank Corporation (PSE: SECB) continues to strengthen its commitment to sustainable development by serving as the sole lender for the 17.4 MW Solana Solar Beta, Inc. (SSBI) Solar Power Project in Hermosa, Bataan, which supplies renewable energy to Peninsula Electric Cooperative, Inc. (PENELCO).
Developed by SSBI, a company under CN Green Roof Asia, the solar facility is expected to generate approximately 35.5 gigawatt-hours of clean electricity annually. The project will provide 10 MW of equivalent generation capacity to PENELCO through a 20-year power supply agreement, helping meet the growing energy requirements of communities across Bataan.
The milestone marks a significant collaboration among Security Bank, CN Green Roof Asia, Climate Fund Managers, and Norfund to support renewable energy delivery and sustainable infrastructure development in the province.
“This transaction reflects our commitment to supporting projects that expand renewable energy capacity in the Philippines,” said Yvonne Marcelo, Executive Vice President and Corporate Banking Group Head of Security Bank. “Electric cooperatives play a vital role in bringing reliable electricity to communities nationwide. Through this partnership, we are helping accelerate the transition toward cleaner energy while building new relationships with global institutions such as Climate Fund Managers and Norfund.”
The financing marks Security Bank’s first partnership with Climate Fund Managers and Norfund, two institutions recognized globally for mobilizing capital toward sustainable infrastructure projects in emerging markets.
Security Bank provided a project refinancing facility for the solar development, with Security Bank Capital Investment Corporation serving as arranger, while the Bank’s Trust and Asset Management Group acted as Facility Agent and Security Trustee. The Omnibus Loan and Security Agreement was signed on May 26, 2026, with loan disbursement completed on June 25, 2026.
“Renewable energy infrastructure requires strong collaboration between developers, investors, and financial institutions,” said Ryan Oetama, Investment Director at Climate Fund Managers. “This partnership demonstrates the growing role of local banks in supporting renewable energy projects in the Philippines and highlights the confidence in clean energy investments that deliver both financial and environmental value.”
Felix Barwinek, Senior Investment Manager at Norfund, emphasized the importance of the project in strengthening energy security and diversifying the country’s energy mix.
“This transaction supports a growing renewable energy supply segment in the Philippines, helping address domestic energy demand while improving energy security,” said Barwinek. “We congratulate Green Roof Asia for successfully delivering this project for its host community and look forward to further collaboration with Security Bank in the country.”
For CN Green Roof Asia CEO Steve Rawles, the refinancing represents a key milestone for the company’s renewable energy expansion in Southeast Asia.
“This demonstrates that well-structured renewable energy projects continue to attract strong financial support, enabling us to develop, construct, and deliver reliable clean energy infrastructure across the region,” Rawles said. “We remain committed to working with electric cooperatives and supporting their growing energy needs.”
Supporting renewable energy for electric cooperatives
Security Bank’s financing of the Bataan solar project highlights the Bank’s growing support for renewable energy developments serving electric cooperatives, a segment that continues to have limited participation from local financial institutions.
PENELCO, the project’s power off-taker, serves multiple municipalities and barangays throughout Bataan and has a peak demand of approximately 148 MW. The solar facility is connected directly to PENELCO’s distribution system through an embedded connection, allowing renewable energy to be delivered efficiently within the cooperative’s service area.
Expanding a regional renewable energy platform
The Hermosa solar project forms part of CN Green Roof Asia’s portfolio of renewable energy developments across Southeast Asia, covering both rooftop and utility-scale solar systems.
Green Roof Asia is a joint venture between Climate Fund Managers’ EU-supported Climate Investor One Fund and Norfund. Climate Fund Managers focuses on blended climate finance solutions that support climate mitigation and adaptation projects across Asia, Africa, and Latin America, while Norfund invests in businesses that contribute to sustainable development and the transition toward net zero.
Growing sustainable finance portfolio
The transaction further expands Security Bank’s renewable energy portfolio, reflecting its involvement in financing 24 renewable energy developments nationwide with a combined installed capacity of 4.30 GW.
It also contributes to the Bank’s broader sustainable finance initiatives, which reached PHP116.95 billion in total disbursements as of May 2026.
Through strategic partnerships and continued investments in clean energy infrastructure, Security Bank remains committed to supporting the Philippines’ transition toward a more sustainable and resilient energy future.
