Three RCBC-backed infrastructure projects receive industry excellence awards
Asia's preeminent award-giving body for industry excellence, The Asset, has recently awarded noteworthy transactions financed and arranged by Rizal Commercial Banking Corporation (RCBC) and RCBC Capital Corporation (RCAP), respectively. The accolades recognized the participation of RCBC and RCAP in the financing of major infrastructure projects. Garnered awards include: Transport Deal of the Year (Philippines), Renewable Energy Deal of the Year (Vietnam), and PPP Deal of the Year (Philippines) under The Asset’s Asia Infrastructure 2019 “Best Deals by Country” category.
The awards were given for the following projects, respectively: Philippines’ Transport Deal of the Year: Cebu Cordova Link Expressway Corporation, which received 19 billion pesos in financing with RCBC as Lender, RCAP as Co-Lead Arranger, and RCBC Trust and Investments Group (RCBC Trust) as Facility Agent and Security Trustee; Philippines’ PPP Deal of the Year: MPCALA Holdings for its24.2 billion pesos project finance facility with RCBC as Lender, RCAP as Mandated Lead Arranger, and RCBC Trust as Facility Agent; and lastlyVietnam’s Renewable Energy of the Year: BIM Renewable Energy Joint Stock Company for its US$211.50 million project financing facility with RCBC as Sole Lender, RCAP as a Mandated Lead Arranger and RCBC Trust as Facility Agent and Security Agent.
The Cebu Cordova Link Expressway project aims to ease traffic congestion in the existing bridge connections of Marcelo Fernan Bridge and the Mandaue Bridge. With improved traffic flow, the project is seen to spur economic growth in the regions traversed.
The CALAx project with MPCALA Holdings, is the longest toll road project (45kms) outside of Metro Manila, which is expected to provide a faster and more convenient route from Metro Manila to Laguna, Cavite and nearby provinces. The CALAx is a priority project of the government’s Public-Private Partnership program, a catalyst to economic growth in the region.
Finally, the RCBC Team won its first award in Vietnam for its first cross-border financing for the BIM Renewable Energy Joint Stock Company of the AC Energy and BIM Group. The BIM Renewable Energy project is expected to be a significant contributor to Vietnam’s push for increase in installed clean energy capacity by 26% by 2030. BIM Renewable Energy’s solar energy project is currently the largest in Southeast Asia at 300MW. This deal paves the way for cross-border financing of greenfield renewable energy projects in the country.
These awards were given to the Yuchengco-led financial institution after thorough consideration from The Asset's Board of Editors and the Asset Benchmark Research team which collectively have decades worth of experience in evaluating deals, and recognizing best in class organizations from across Asia.
Institutional and private investors have taken the lead in a campaign to help spur growth in viable projects such as this, given that infrastructure is now considered as an asset class within the alternatives investment area. RCBC's engagements with these projects are aimed at helping the Filipino people and their ASEAN neighbors grow and prepare to face the demands of the future with assurance.