IFC, a member of the World Bank Group, agreed on Monday to provide a 75 million dollars loan to the Filipino branch office of U.S.-based SunPower Corporation in support of its Filipino solar cell manufacturing operations.

The investment is expected to spur the use of solar power globally, support local economic growth and sustain the many skilled jobs that the company has created in the Philippines, said the IFC in a statement.

According to the Washington-based agency, the loan will provide funding to SunPower's 108-megawatt solar cell and module manufacturing plant in Laguna and a 466-megawatt solar cell fabrication facility in Batangas. The investment will strengthen SunPower's ability to manufacture its high-efficiency solar cells.

Investing in the solar photovoltaic supply chain is a critical part of IFC's climate change strategy, as solar energy is a reliable source of carbon-free electricity that can be used in grid-connected and off-grid applications.

"The investment in SunPower is part of IFC's climate change strategy that supports the scaling-up and cost-competitiveness of renewable energy sources to reduce greenhouse gas emissions," said Dimitris Tsitsiragos, IFC Director for Global Manufacturing and Services.

"IFC has been investing in the Philippines for over 40 years, mainly in financial services and infrastructure sectors. Therefore, this investment represents an opportunity for IFC to broaden its developmental impact in the country," he added.