BDO offers financial help to green companies and renewable energy projects
BDO Unibank Inc. (BDO) continues to provide eco-friendly companies access to capital and funding requirements to fuel long-term development, business success, and generate livelihood all while protecting the planet. One such “green” company is Surallah Power Generation, Inc., which produces renewable biomass energy through its biomass-fired power plants in South Cotabato. Surallah approached BDO given the former’s need for financing and the latter’s reputation as a pioneer in sustainable finance in the Philippines. The partnership has been successful – Surallah is now building 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.
The benefits of Surallahs’ power plants are clear – farmer, farmer’s cooperatives, and millers earn extra by selling their agricultural waste (such as rice and corn husks) for the biomass-fired power plant. Also, residents and entrepreneurs have access to more affordable electricity.
Biomass is a renewable energy source given that 40% of the population engage in agriculture and because organic agricultural waste is abundant in the country. When Surallah, which started as a veterinary products and animal feeds producer, discovered that agricultural waste recycled into biomass energy is a sustainable energy source, they sought out a reliable banking partner in BDO.
BDO funded its first biomass power plant in 2013 and now has 15 biomass projects in its portfolio, with an installed capacity of 164 watts. The company offers leading expertise for biomass energy financing. In this capacity, the company is both committed to a sustainable future and is a key contributor in accelerating the country’s economy.
BDO believes that transitioning to a low carbon, environmentally responsible, and socially inclusive economy not only offers livelihood, but also uplifts the lives of Filipinos, and contributes to the nation’s progress.