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Finacore finalizes investment agreement with SEACEF

From the left, Ulysses Mina, VP Operations & Treasury , Finacore, Cyril Rocke, President, Finacore, Joshua Kramer, Chief Investment Officer, Clime Capital, Rachel Ann Santiago, Country Manager, Clime Capital, Ma. Elizabeth E. Peralta-Loriega, Founding Partner, Sarmiento Loriega Law Office.

Finacore Technology Finance has signed an agreement with Southeast Asia Clean Energy Facility (SEACEF) to expand its financing activities into Rooftop Solar for Commercial and Industrial buildings, and related technologies such as battery systems and electric vehicles.

Southeast Asia Clean Energy Facility (SEACEF) is a Singapore-based fund supported by leading international foundations and private investors, including Microsoft and Sea Change Foundation and managed by Clime Capital. The transaction involves the infusion of equity by SEACEF in Finacore, thus completing the first phase of its capital-building activities.

This investment exercise is part of a capital increase effort by Finacore, which includes the issuance of equity instruments to its private investors on top of stock dividends. Once finalized, our authorized capital will be ramped up to PHP 400 million.

The entry of SEACEF validates and supports Finacore’s expansion into Green Technology Finance, particularly RoofTop Solar (RTS) leasing. Leasing is a particularly convenient alternative to Power Purchase Agreements for projects ranging from 100kWp to 1 MWp. This partnership is a first step towards further engagement with international and local investors seeking entry into the Philippinesrenewable energy market. Combined with our traditional IT finance and leasing business, we expect Finacore to experience rapid growth in the immediate future.

Finacore is also strengthening its already stringent credit rating process, and engaged CRIF/Dun & Bradstreet Philippines for the latter to act as independent third-party credit reviewer. Given CRIF’s international presence and reputation, this partnership is seen to facilitate Finacore’s access to global and local credit markets later on.

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