GEF Philippines Sustainable Energy Financing Program

completed

The Philippines Sustainable Energy Finance Project II ("Phils SEF II" or the "Project") supports the creation of a commercial financing market for sustainable energy (SE) projects in the Philippines. This will assist the Philippines in improving energy security and economic productivity, and promoting private enterprise in the energy sector. Phils SEF II will cover both Energy Efficiency (EE) and Renewable Energy (RE) projects. It will focus on providing three to four local FIs with the support necessary to develop their own portfolio of SE projects.The Program is designed to leverage IFC’s capabilities and experience and donor resources to address those barriers, and will result in:- improved access to financing for SE projects, which will continue beyond the support of IFC financial instruments and TA; - growth and business development for private enterprises related to EE/RE projects; - promotion of more sustainable development, with better use of natural resources and reduction in greenhouse gas emissions; and, - assistance in correcting market imperfections, and a clearer regulatory environment that will further enable sustainable business development in EE and RE.This program will support the National Government as it implements both its national energy efficiency and climate change mitigation campaigns.This project uses $5.3 million of GEF funds to support advisory services ($2.3 million) and risk sharing ($3 million) for financial institutions. Where IFC invests in risk sharing facilities with specific financial institutions the sponsors and financing arrangements will be disclosed under separate SPIs.