The Bank of the Philippine Islands (BPI) has extended a PHP 6.1-billion project finance facility to renewable energy developer Cornerstone Energy Development, Inc. (CEDI) to support the development of a 58.5-megawatt onshore wind power project in Libmanan, Camarines Sur.

CEDI is a subsidiary of Aboitiz Renewables, Inc., the renewable energy arm of Aboitiz Power Corporation. The project marks AboitizPower’s first venture into wind energy development.

The financing will fund the construction of the Camarines Sur Wind Power Project, which is expected to add renewable capacity to the Philippine grid as the government pushes for a cleaner energy mix.

“This project reflects the role we envision for BPI in accelerating the Philippines’ transition to a more sustainable energy landscape,” said Louie Cruz, institutional banking head at BPI. “Our collaboration with CEDI and the Aboitiz Group underscores our commitment to financing projects that deliver long-term environmental, social, and economic impact. We are proud to support initiatives for clean energy development.”

Once operational, the wind facility is expected to supply clean electricity to the grid while helping reduce greenhouse gas emissions, supporting national targets set by the Department of Energy to increase the share of renewable energy in the country’s power generation mix.

The project is also projected to deliver economic benefits to communities in Libmanan, with seven local villages expected to gain from employment opportunities, infrastructure improvements, and community development programs tied to the project.

“Our continued partnership with BPI is proof that transformation does not happen in isolation. It happens when the right partners show up—consistently, reliably, and with conviction,” said Jimmy Villaroman, president of Aboitiz Renewables Inc. “Together, we are showing that progress and sustainability can go hand in hand—driving inclusive growth and helping build a stronger Philippines.”

Construction of the Camarines Sur Wind Power Project began in 2025. The agreement was formalized during a ceremonial signing attended by executives from BPI, CEDI, and AboitizPower.

What impact could new wind projects like the Camarines Sur development have on the Philippines’ renewable energy pipeline and investment landscape? Share your thoughts with the energy community.

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