Manila: State-owned Land Bank of the Philippines received an international award for its contribution to the country's energy security and clean energy transition. In a statement on Wednesday, LandBank said it received the Karlsruhe Sustainable Finance Award for Outstanding Sustainable Project Financing for its sustainable power and energy infrastructure financing portfolio.
According to Philippines News Agency, LandBank Senior Vice President Gonzalo Benjamin Bongolan received the award on behalf of the bank during the Karlsruhe Sustainable Finance Awards and Recognition Ceremony held in Karlsruhe, Germany on Aug. 27. The citation was conferred by Dr. Frank Mentrup, Lord Mayor of Karlsruhe, and Arshad Rab, chair of the International Council of Sustainability Standards for Value-Driven Financial Institutions and chief executive officer (CEO) of the European Organization for Sustainable Development.
The award recognizes the bank's financing support for large-scale renewable energy and power infrastructure projects aimed at expanding the country's clean energy capacity, strengthening grid reliability, and addressing growing electricity requirements. '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.
The bank's sustainable power and energy infrastructure financing portfolio supports key energy infrastructure projects, including the 1,400-megawatt (MW) Ahunan Power and 600-MW Olympia Violago pumped-storage hydroelectric plants, and the 160-MW Labrador Green Energy solar project, which will help expand clean power generation and improve the national grid's stability. LandBank said it has already mobilized more than PHP300 million in financing and supported more than 2,000 MW of renewable energy and energy-supporting capacity.
