BDO Unibank Inc. (BDO) remains committed to a sustainable future as it continues to provide access to capital and funding requirements to clients’ significant projects to achieve their goals while preserving the environment. As a key contributor to help accelerate the Philippine economy, the Bank continues to engage and lend to environmentally responsible companies in order to drive long-term growth and corporate success while protecting the planet.
Surallah Power Generation, Inc. generates renewable biomass energy at its South Cotabato biomass-fired power plant. It started out as a producer of veterinary products and animal feeds. When the company discovered that agricultural waste is best recycled into biomass energy to create a sustainable energy source, they recognized the need for a reliable banking partner who will provide financing as they venture into the power plant business. Surallah approached BDO given its reputation as a pioneer in sustainable finance in the country. The partnership has been successful, and Surallah is now constructing its second biomass-fired power plant in Palawan.
“BDO is very supportive in our endeavor. The Bank provides technical advice on how to efficiently and effectively manage and operate the power plant. Our credit facilities, lease lines and term loans are readily available and tailor-fit to our corporate requirements.” said Atty. Rio Balaba, spokesperson of Surallah.
Surallah’s power plant benefits various stakeholders. Farmers, farmers’ cooperatives, and millers earn extra income by selling their agricultural waste such as rice and corn husks, as raw material for the biomass-fired power plant. Moreover, the residents and entrepreneurs are able to use more affordable electricity.
Biomass is a high-potential renewable energy source for the Philippines given that 40% of the population is engaged in agriculture and the country has an abundance of organic agricultural waste. BDO has the leading expertise for biomass energy financing, having funded the first biomass power plant in 2013 and with 15 biomass projects in its portfolio with an installed capacity of 164 watts.
BDO continues to offer financial support to green companies and renewable energy projects to provide livelihood, uplift the lives of Filipinos and contribute to the nation’s progress while transitioning to a low-carbon, environmentally responsible, and socially inclusive economy.