The Bank of the Philippine Islands has extended a PHP 6.1 billion project finance facility to Cornerstone Energy Development Inc. to support the development of a 58.5 megawatt onshore wind project in Libmanan, Camarines Sur. The project represents the first wind power investment by Aboitiz Power Corporation, one of the Philippines’ largest energy companies.

Cornerstone Energy Development Inc. is a subsidiary of Aboitiz Renewables Inc., the renewable energy arm of AboitizPower. The financing will fund the construction of the Camarines Sur Wind Power Project, which is expected to contribute additional renewable capacity to the national grid as the country accelerates its transition toward cleaner energy sources.

Project Development and Energy Transition Goals

The wind facility is being developed in the municipality of Libmanan in the province of Camarines Sur. Once operational, the project will generate electricity from wind resources and supply power to the Philippine grid, supporting national targets to increase the share of renewable energy in the country’s power mix.

The Philippine government has been working to expand renewable energy capacity as part of its long-term energy strategy, which includes reducing dependence on fossil fuels and strengthening energy security.

Construction of the Camarines Sur Wind Power Project began in 2025, with the financing agreement formally announced during a signing ceremony attended by executives from BPI, Cornerstone Energy Development and AboitizPower.

Read more: Copenhagen Infrastructure Partners (CIP) Secures €1.3 Billion First Close for Energy Transition Credit Fund

Financing Role in Renewable Infrastructure

The project financing provided by BPI reflects a growing role for financial institutions in supporting renewable energy infrastructure in Southeast Asia. By extending long-term capital for wind and solar developments, banks are helping developers accelerate the deployment of clean energy projects.

According to BPI, the financing aligns with the bank’s broader objective of supporting sustainable infrastructure investments that generate environmental and economic benefits.

Explore OneStop ESG Marketplace: Wind Energy

Local Economic and Community Impact

In addition to supplying renewable electricity, the project is expected to generate economic benefits for surrounding communities. Seven villages in Libmanan are anticipated to benefit from employment opportunities during construction and operation, along with infrastructure improvements and community development initiatives linked to the project.

As the Philippines expands its renewable energy pipeline, projects such as the Camarines Sur wind facility illustrate how collaboration between energy developers and financial institutions can help advance the country’s clean energy transition while delivering local economic benefits.

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