Italpinas EuroAsian Design and Eco-Development Corp. has received a P180 million “green” development loan to partially finance the construction of its Primavera Residences Tower 2.
The loan agreement was signed in January by Romolo V. Nati, chairman and Jose D. Leviste III, president, on behalf of Italpinas and by Alfonso L. Salcedo, Jr., executive vice-president, and Mario B. Palau, senior vice-president for the Banks of the Philippine Islands (BPI).
“BPI advances its sustainable energy finance by continuing to support the energy[-efficiency] investments of its clients,” the bank said in a recent statement.
“In collaboration with International Finance Corp., the four year old innovative financing approach fund various efficient and renewable technologies all over the country,” it added, referring to the World Bank Group’s private sector investment arm.
BPI is the country’s third biggest universal bank in terms of assets, with over 809 branches and 2,542 automated teller machines nationwide, according to the statement.
Italpinas’ business plan for Primavera Residences, on the other hand, was cited as one of the promising “clean” energy investment opportunities in the Philippines during the Philippine Clean Energy Investor Forum held at the EDSA Shangri-La Hotel in Metro Manila in 2010.
This year, the Private Financing Advisory Network (PFAN) – a public-private partnership initiated by the Climate Technology Initiative (CTI), has cited Primavera Residence’s eco friendly design.
CTI-PFAN cited Italpinas’ new project as the only finalist from the Philippines for this year’s selection of 38 eco-friendly projects across Asia.
Primavera Residences is the first “green” building in Cagayan de Oro City that integrates into its design eco-friendly features such as rooftop solar panels to generate part of the two buildings’ electricity supply and reducing power use by maximizing natural light and wind ventilation.
Located at the Pueblo de Oro Business Park in uptown Cagayan de Oro City within the master-planned 360-hectare Pueblo de Oro Township, Primavera Residences is a P450-million 10-storey twin-tower condominium that was designed by Mr. Nati, an Italian architect, and developed by Italpinas, a corporate member of the Philippine Green Building Council.
The Primavera Residences Tower 2 will provide 167 residential units.
Construction, currently underway, is scheduled for completion by June.
Featured by BusinessWorld, 7 March 2013