IFC, a member of the World Bank Group, is providing a $75 million loan to the Filipino branch office of U.S-based SunPower Corporation in support of its Filipino solar cell manufacturing operations.
The investment is expected to spur the use of solar power globally, support local economic growth and sustain the many skilled jobs that the company has created in the Philippines.
IFCâ€™s loan will provide funding to SunPowerâ€™s 108 megawatt solar cell and module manufacturing plant in Laguna and a 466 MW solar cell fabrication facility in Batangas. The investment will strengthen SunPowerâ€™s ability to manufacture its high-efficiency solar cells.
â€œThe investment in SunPower is part of IFCâ€™s climate change strategy that supports the scaling up and cost competitiveness of renewable energy sources to reduce greenhouse gas emissions.
,â€ said Dimitris Tsitsiragos, IFC Director for Global Manufacturing and Services. â€œIFC has been investing in the Philippines for over 40 years, mainly in financial services and infrastructure sectors. Therefore, this investment represents an opportunity for IFC to broaden its developmental impact in the country.â€
Investing in the solar photovoltaic supply chain is a critical part of IFCâ€™s climate change strategy, as solar energy is a reliable source of carbon_free electricity that can be used in grid_connected and off_grid applications.
â€œSunPower is looking forward to a growing relationship with IFC,â€ said Dennis Arriola, executive vice president and CFO for SunPower Corp. â€œThis partnership will enable us to drive further improvements to our manufacturing processes, which will allow us to continue delivery of our high_efficiency solar cells to the global market.â€