Rizal Commercial Banking Corp. (RCBC) said on Tuesday it was finalizing a P20-billion loan deal to bankroll renewable power projects as it pivots to financing sustainable energy sources.

RCBC said in a statement the amount would support 10 renewable power plants, however, it did not provide details.

“As RCBC continues to drive sustainable development and promote clean energy solutions, our collaboration with major renewable energy players reinforces our commitment to supporting the transition towards a greener and more sustainable future,” Robert B. Ramos, head of RCBC trust and investments group, said in a statement.

This comes on top of about $1.4 billion in sustainable financing instruments that the bank has supported via eligible “green and social assets” since the implementation of its Sustainable Finance Framework.

RCBC was also part of the consortium of banks involved in the P1.6-billion initial public offering of renewable energy firm Alternergy. It was also the notes facility agent and security trustee of microfinance giant ASA Philippines Foundation’s maiden P5-billion gender bond issuance.

“Environmental, social and governance factors are used to assess the sustainability of companies and countries,” RCBC said.

“These three factors are seen as best embodying the three major challenges facing corporations and wider society, now encompassing climate change, human rights/poverty alleviation, and adherence to laws,” it added.

Inquirer