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Manila Bulletin devider Business devider DBP funds P2-B green energy projects

DBP funds P2-B green energy projects

Published Jan 20, 2022 12:47 pm

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The Development Bank of the Philippines (DBP) has extended P2.1-billion loans to two hydro-energy projects that will augment power supply for the Luzon and Visayas Grids.

DBP President and Chief Executive Officer Emmanuel G. Herbosa said the loan under the Financing Utilities for Sustainable Energy Development (FUSED) was extended to Matuno River Development Corporation (MRDC) and Taft Hydroenergy Corporation (THEC), both majority-owned by Magis Energy Holdings Corporation (MEHC).

The P1.1-billion loan to MRDC was used for the construction of an eight-megawatt (MW) hydroenergy power plant located in Brgy. San Rafael, Bambang, Nueva Vizcaya,.

The plant will generate an additional 42 gigawatt hours (GWh) for the Luzon Grid via the National Grid Corporation of the Philippines (NGCP).

On the other hand, the P1-billion loan to THEC was used to build a 16-MW hydropower project in Tubig River, Brgy. San Rafael, Taft, Eastern Samar.

This will supply 70GWh to the Visayas Grid to help address the inadequate supply of stable and affordable electricity in the region, particularly in Samar Island and Leyte Province.

“Despite the constraints posed by the pandemic, commissioning of both projects is already in the planning stage, and commercial operations will soon commence,” said Herbosa.

As of end October 2021, DBP has released a total of P41.57-billion in credit assistance under its FUSED program for energy related projects nationwide.

“With these projects, we hope to accelerate the use of renewable power resources and increase the country’s green energy mix,’’ he noted.

“Green financing ensures sustainable socioeconomic development while protecting the environment,” Herbosa emphasized.

DBP is the fifth largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; environment; social services and community development.

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