Residents of Ilocos Norte may soon have easier access to solar power, as two Ayala Group companies join forces with the provincial government to promote rooftop solar systems.
ACEN Corp., the group's listed renewable energy arm, and mobile wallet giant GCash have signed an agreement with the provincial government to launch a campaign offering affordable and flexible financing for households interested in solar rooftops.
This initiative is touted as the first government-led program in the Philippines to empower households to adopt clean energy through solar rooftops.
“By combining solar technology, accessible financing, and local engagement, we are making clean energy more inclusive and within reach of Filipino households,” said ACEN CEO Eric Francia in a statement on Wednesday.
Households can apply digitally through GCash's lending unit, Fuse Financing Inc., and choose payment terms ranging from three to 10 years, with monthly installments as low as P1,300.
“It opens opportunities even for households that may not have access to traditional financing or credit cards. This is how we’re expanding access to green financing and making the shift to clean energy more inclusive,” said Tony Isidro, president and CEO of Fuse Financing.
Solaric Philippines will handle the supply and installation of the solar rooftop systems, while ACEN will support implementation with its expertise in utility-scale renewable energy, currently holding 7 gigawatts of attributable capacity.
The project will initially target households in Laoag City, Dingras, and Pagudpud with an average daily consumption of 4 kilowatt-hours or more.