Ayala Secures $100 Million for Electric Mobility Expansion
Deal News | Jan 27, 2025 | Asian Development Bank
The Asian Development Bank (ADB) and Ayala Corporation have signed a $100 million financing agreement to support the growth of an electric mobility ecosystem in the Philippines. The funding will largely go towards developing a network of electric vehicle charging stations (EVCS) and purchasing electric vehicles for commercial use. As part of the financing package, a concessional loan from the Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA) is included to accelerate the deployment of EVCS infrastructure. The initiative, lauded by ADB's Country Director for the Philippines, Pavit Ramachandran, is seen as crucial for environmental and economic development, creating green jobs and promoting low-carbon urban development. Despite the nascent stage of electric vehicle development in the country, the Philippine government's supportive policies and this financing package are creating a favorable environment for growth. Ayala, through ACMobility, intends to leverage this financing to expedite the deployment of electric vehicles and charging infrastructure nationwide. This effort aligns with broader climate goals and the corporate philosophy of Ayala Corporation, bolstered by its strategy of accessing innovative financial solutions like blended financing.
Sectors
- Electric Vehicles
- Finance
Geography
- Philippines – The article focuses on the development of an electric mobility ecosystem within the Philippines, including the setup of charging infrastructure and purchase of electric vehicles.
- Asia – The involvement of the Asian Development Bank and a focus on developing private-sector projects in Asia as supported by CANPA indicate broader regional implications.
Industry
- Electric Vehicles – The article discusses the funding and infrastructure development related to electric vehicles, specifically focusing on charging stations and commercial EV deployment in the Philippines.
- Finance – The involvement of the Asian Development Bank and the Canadian Climate and Nature Fund highlights the role of financial institutions and blended financing in supporting sustainable infrastructure projects.
Financials
- $100 million – The total financing package provided by the Asian Development Bank and supported by CANPA for electric mobility in the Philippines.
- Can$360 million – The total commitment from the Government of Canada to CANPA, which supports ADB's financing initiatives.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Asian Development Bank (ADB) | Financial Institution | PE | ADB is providing up to $100 million in financing to support electric mobility in the Philippines through Ayala Corporation. |
| Ayala Corporation | Recipient/Target Company | Company | One of the largest conglomerates in the Philippines, Ayala is focusing on developing an electric mobility ecosystem with the ADB financing. |
| Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA) | Financial Institution | Company | A trust fund managed by ADB, contributing concessional loans to support the deployment of EV charging infrastructure in the Philippines. |
| Government of Canada | Support Fund Provider | Government | The Government of Canada is a significant contributor to CANPA, supporting climate and nature-based solutions in Asia. |
| ACMobility | Subsidiary | Company | A subsidiary of Ayala Corporation, ACMobility is key in implementing the electric mobility initiatives in the Philippines. |