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Manila Bulletin devider Business devider Banking & Finance devider DBP grants P77-B energy project loans

DBP grants P77-B energy project loans

Published Mar 31, 2023 05:10 am
The Development Bank of the Philippines (DBP) has ramped up support to the national government’s energy programs, granting a total of P77 billion worth of loans to increase access to electricity services in the countryside.
“As of December 2022, DBP has approved 92 accounts under the Financing Utilities for Sustainable Energy Development (FUSED) Program, 27 of which are renewable energy projects,” President and Chief Executive Officer Michael O. de Jesus announced Friday, March 31.
“We also expect that by 2030, we have funded P58-billion of the estimated investment requirements for power generation and distribution indicated in the Philippine Energy Plan 2012-2030,” he added.
Under the FUSED facility, DBP granted a P1.8-billion funding support for the development of a 13.2 MegaWatt (MW) wind farm project of PetroWind Energy, Inc. (PWEI).
The new wind farm will be built south of the operating 36 MW Nabas-1 Wind Power Project, in Panay, Aklan Province.
Recently, the project won the Visayas wind allocation in the Department of Energy (DOE)'s first-ever Green Energy Auction Program (GEAP).

“The project is a testament to DBP’s commitment towards environmental protection and sustainable development," according to de Jesus.

The new wind farm will augment the existing power supply in the Visayas Grid by contributing 13.2 MW of plant capacity, says DBP Senior Vice President and Officer-in-Charge of the Development and Resiliency Sector Carolyn I. Olfindo. In addition, it will boost local employment and generate additional jobs for at least 400 people during its construction period.
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