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Manila Bulletin devider Business devider PNB extends P2.4-B loan to hydro project in Bukidnon

PNB extends P2.4-B loan to hydro project in Bukidnon

Published Dec 28, 2021 04:22 pm

Tan-led Philippine National Bank (PNB) has extended P2.4 billion loan to bankroll the construction of the proposed 12-megawatt Mangima run-of-river hydropower project to be sited in Manolo Fortich in Bukidnon province.

The omnibus loan and security agreement was signed this December between project developer Mangima Hydro Power Corporation (MHPC) and lender-bank PNB. Signing the loan deal were PNB President Wick Veloso and PNB Executive Vice President Cenon Audencial Jr. and MPHC Chairman Nicandro Linao, who is also the head of Sta Clara International Corporation (SCIC) that has been engaged as engineering, procurement and construction (EPC) contractor for the hydro project.

The hydropower project has an annual electricity generation of 64.12 gigawatt hours. It is targeted to be on commercial stream by year 2024.

According to Senator Juan Miguel Zubiri, who is also the president and CEO of MHPC, the development of the greenfield hydropower facility is part of the overarching goal of “making Bukidnon a sustainable, energy-secure, renewable energy-powered province – and this project is our big step towards that vision.”

The Mangima hydropower project is a joint venture between SCIC’s affiliate Philnew River Power Corporation and the Zubiri-led Green Renewable Holdings Corporation.

Zubiri cited that “Bukidnon is one of the richest provinces in the country in terms of natural resources, so it’s a perfect area for developing renewable energy.”

Veloso, for his part, noted that through the Mangima hydro project, PNB would be able to “contribute to Mindanao’s economic growth,” with him adding that their bank is well into “supporting green projects and paving the way for a sustainable tomorrow.”

The PNB executive stressed that with this new venture, “we look forward to taking the next steps toward safeguarding our environment for future generations and leading the reform process for sustainable power,” which he claimed is a marching order from their main principal, Dr Lucio Tan.

Linao qualified the propounded hydro project will help thwart the country’s dependence on fossil fuels; and will also usher in a future geared towards “energy independence and a cleaner tomorrow for the Philippines.

He added “the construction of this project will create jobs and opportunities for various localities in Bukidnon and nearby provinces.”

In Zubiri’s view, the future of the energy sector will heavily lean on RE and sustainability, and harnessing indigenous resources will be paramount “particularly in the countryside and especially in Bukidnon, where to this day, some towns and even cities like Malaybalay often face power supply problems.”

Apart from his job as a lawmaker, Zubiri is also at the forefront of advancing investments in the clean energy space – and the Mangima hydro plant is already the fifth venture he is spearheading in the RE development sphere, a follow-through to the initial solar farm installations that already reached commercial operations.

Related Tags

#PNB #MHPC #MANGIMAHYDRO #RE #LOANAGREEMENT #STACLARA #EPC
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