Refinancing a C&I Solar Portfolio – Philippines
Challenge
The developer had successfully built and operated a portfolio of 6 C&I rooftop solar sites (between 500 kWp and 2 MW), but lacked access to fresh capital. Despite healthy operational cash flow, traditional banks considered the portfolio too small and fragmented for refinancing. This limited the client’s ability to scale new projects.
Our Approach
WeConnect Asia proposed a refinancing strategy using the EquiFlex model:
📊 Performed a quick commercial assessment of the operational portfolio
🧾 Helped gather necessary documentation (PPAs, maintenance logs, cash flow statements)
🤝 Connected the client with a European green debt fund specialising in small/mid-scale RE assets
💼 Supported negotiation and term sheet alignment between developer and financier
Outcome
1. Portfolio refinanced at the SPV level with asset-backed senior debt
2. Cash released to the developer’s holding company
3. Additional 15 MW pipeline now actively developed using unlocked capital
4. Developer introduced to second-tier lender for future replication across Southeast Asia
|
Field |
Detail |
|---|---|
|
Client |
Mid-size solar developer with 6 operational rooftop sites |
|
Sector |
C&I Solar (Commercial & Industrial) |
|
Country |
Philippines |
|
Service |
Project Financing — EquiFlex Refinancing |
|
Timeline |
3 months (assessment, structuring, investor engagement) |
|
Outcome |
USD 2.4M refinancing secured; new pipeline of 15 MW enabled |
1. Refinancing is possible for small RE portfolios, even in fragmented markets like the Philippines
2. EquiFlex works as a mid-size, fast-track model compared to traditional project finance
3. Good operational data + clean SPV structure = bankability
Downloadable Assets
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