BPI strengthens partnership with ACEN to push for renewable energy

The Bank of the Philippine Islands (BPI) is further committing to its Sustainability Strategy Framework through its partnership with ACEN, one of the country’s leading renewable energy companies.

BPI Securities, the stock brokerage arm of BPI, recently held a webinar to spotlight ACEN, the listed energy platform of the Ayala Group.

“BPI invests in the future. Highlighting ACEN’s strength and portfolio, the discussion, which was attended by over 200 of our clients, is among our efforts to promote sustainability and resiliency across various sectors. This is in line with BPI’s support for the country’s transition towards the use of more sustainable energy resources, aligned with the goals of the Paris Climate Agreement,” said Haj Narvaez, BPI Securities President and CEO.

ACEN aspires to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20 GW of renewables capacity by 2030.

“ACEN is committed to transition the company’s generation portfolio to 100% renewable energy by 2025 and to become a Net Zero greenhouse gas emissions company by 2050,” said Jonathan Back, ACEN Group Chief Finance & Strategy Officer.

“We have approximately 4.7 Gigawatts of attributable capacity across our major markets: the Philippines, Australia, Vietnam, Indonesia, and India, with a renewable share of 99%, among the highest in the region,” he added.

According to Back, to sustain ACEN’s milestones and growth momentum, the company over the next few years will focus on delivering on its expansion and profitability targets, strengthening its presence in its priority markets, and extending its leadership in energy transition.

BPI continues to build its position as the leading Philippine bank supporting Renewable Energy expansion and environmental, social, and corporate governance (ESG) principles in the Philippines. Recently, ACEN signed a sustainability-linked loan facility with BPI and the Asian Development Bank (ADB). The loan facility of up to Php 11 billion, which also includes a partial credit guarantee by ADB, is intended to finance ACEN’s solar projects in the country.

In response to the growing need for creating sustainable businesses, BPI also consolidated its Sustainable Development Finance program to accelerate investments in energy efficiency, renewable energy, green building, and sustainable agriculture.

BPI’s bank-wide sustainability mandate demonstrates an unwavering dedication to deliver responsible banking to stakeholders, from clients to investors and local communities, as part of its mission to help build a better Philippines – one family, one community at a time.