The Market Monitor Minding the Nation's Business
State-owned Land Bank of the Philippines has received an international award for its financing support for renewable energy and power infrastructure projects that contribute to the country’s energy security and clean energy transition.
LandBank said last week that it received the Karlsruhe Sustainable Finance Award for Outstanding Sustainable Project Financing for its sustainable power and energy infrastructure financing portfolio.
Senior Vice President Gonzalo Benjamin Bongolan accepted the award on behalf of the bank during the Karlsruhe Sustainable Finance Awards and Recognition Ceremony in Karlsruhe, Germany on Aug. 27.
The award was conferred by Karlsruhe Lord Mayor Dr. Frank Mentrup and Arshad Rab, chair of the International Council of Sustainability Standards for Value-Driven Financial Institutions and chief executive officer of the European Organization for Sustainable Development.
The recognition cited LandBank’s financing of large-scale renewable energy and power infrastructure projects designed to expand clean energy capacity, strengthen grid reliability and meet the country’s rising electricity needs.
“This recognition inspires us to further expand financing for projects that will shape a cleaner and more energy-secure future for the Philippines. LandBank will continue to mobilize capital for strategic investments that deliver reliable power to communities, strengthen the economy, and advance sustainable development for generations to come,” LandBank President and CEO Lynette Ortiz said.
Among the projects supported by the bank are the 1,400-megawatt Ahunan Power and 600-MW Olympia Violago pumped-storage hydroelectric plants, as well as the 160-MW Labrador Green Energy solar project.
LandBank said these projects are expected to boost clean power generation while helping improve the stability of the national grid.
The bank said it has mobilized more than ₱300 million in financing and supported over 2,000 MW of renewable energy and energy-supporting capacity.