Thomas Lloyd RE.

Date SPI disclosed : August 11, 2014

Projected board date : September 11, 2014

Last Updated Date : August 11, 2014

Project Status : Active

Project number : 34754

Region : East Asia and the Pacific

Company name : BronzeOak Phils

Country : Philippines

Sector V-BJ - Renewable Energy Holding Companies

Department : Gbl Infrastructure & Natural Resources

Environmental category : B

Status : Pend FAP

Project Description : The US$476.5 million proposed project will support the phased development and operation of a 155MW portfolio of co-located greenfield solar photovoltaic (PV) power plants with a total of 85MW and biomass power plants with a total of 70MW at three locations in Negros, Philippines (the Project). The Project would benefit from the co-location of intermittent and base-load power that would contribute to grid stabilization and achieve economy of scale derived from each co-located project using the same technology and engineering, procurement and construction (EPC) thus being replicable.

The proposed investment includes the first utility-scale solar PV projects in the country and the first biomass project in the world utilizing sugar cane trash. These benefit from the Feed-in-Tariff (FIT) of PhP 9.68 (US$0.23) for solar and PhP 6.63 (US$0.16) for biomass. The first solar PV project was already commissioned in May 2014.

Project Sponsor and Major Shareholders of Project Company : ThomasLloyd Group (TLG) is a European based renewable energy-focused private developer/investment company. Originally founded as a boutique investment bank with advisory, asset management, corporate- and project-finance functions, TLG has shifted its focus to developing and financing renewable energy projects with the inception of a US$100 million ThomasLloyd Cleantech Infrastructure Fund GmBH (TLCTI) in 2011.

Founded in 2003 by Zabaleta & Co., Bronzeoak Philippines (BP) is a renewable energy project developer with in-depth biomass experience. Originally, a prominent sugar cane farmer, the Zabaleta family has historically been involved in sugar cane farming in Negros, the largest sugarcane region of the Philippines.

The four solar PV projects at the three sites will be undertaken by San Carlos Solar Energy, which will be owned 60% by BP and 40% by TLCTI. Each of the three biomass projects is undertaken by individual SPVs, each owned 65% by BP, 35% by TLCTI, and the remaining 5% by WBE (Hong Kong) International Green Energy Limited (WBE), an international investment arm of Wuxi Huaguang Electric Power Engineering Co., Ltd., a Chinese boiler manufacturer providing the EPC.

Total Project Cost and Amount and Nature of IFC%s Investment :

The total project cost is estimated at US$476.5million. The proposed IFC investment is up to (i) US$117.5 million from its own account; (ii) US$88.1 million from IFC in its capacity as implementing entity for the Managed Co-Lending Portfolio Program; (iii) a Clean Technology

country :United Kingdom

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