Security Bank Corp. has refinanced a 17.4-megawatt solar power project in Hermosa, Bataan, marking its first transaction with climate finance investors Climate Fund Managers and Norfund.
The bank acted as sole lender to Solana Solar Beta Inc., the developer of a solar facility supplying electricity to Peninsula Electric Cooperative Inc. under a 20-year power supply agreement.
The project is expected to generate about 35.5 gigawatt-hours of electricity annually and provide 10 MW of contracted capacity to PENELCO, according to Security Bank.
Solana Solar Beta is part of CN Green Roof Asia, a regional renewable energy platform developing rooftop and utility-scale solar projects across Southeast Asia.
Security Bank provided the refinancing facility, while Security Bank Capital Investment Corp. acted as arranger. The bank’s Trust and Asset Management Group served as facility agent and security trustee.
The loan agreement was signed on May 26, 2026, and the facility was disbursed on June 25.
The transaction is Security Bank’s first partnership with Climate Fund Managers, a blended climate finance investment manager, and Norfund, Norway’s development finance institution.
Security Bank Corporate Banking Group Head Yvonne Marcelo said the transaction would support additional renewable energy capacity in Bataan and expand the bank’s partnerships with international climate investors.
The solar plant is connected to PENELCO’s distribution system through an embedded connection, allowing electricity to be delivered directly within the cooperative’s service area.
PENELCO has peak demand of about 148 MW and supplies electricity to customers across several municipalities and barangays in Bataan.
Green Roof Asia is a joint venture between Climate Fund Managers’ EU-supported Climate Investor One Fund and Norfund.
The refinancing brings Security Bank’s renewable energy portfolio to 24 projects nationwide, representing a combined installed capacity of 4.30 gigawatts.
The bank said its wider sustainable finance portfolio had reached P116.95 billion in total disbursements as of May 2026.
The deal adds to a series of renewable energy investments reported in recent weeks, including financing for off-grid clean energy projects, new corporate renewable electricity supply agreements under the Green Energy Option Program, and regulatory reforms aimed at accelerating renewable energy deployment across the country.
