NextGen Day

According to a top official, the state-owned Development Bank of the Philippines (DBP) has offered PHP2.1 billion in financial support for two hydro-energy projects aimed at supplementing electricity supply for the Luzon and Visayas grids.

The loans to Matuno River Development Corporation (MRDC) and Taft Hydro energy Corporation (THEC), both majority-owned by Magis Energy Holdings Corporation (MEHC), were extended under the Financing Utilities for Sustainable Energy Development program, according to DBP president and chief executive officer Emmanuel Herbosa (FUSED).

“We intend to expedite the usage of renewable energy resources and increase the country’s green energy mix with these initiatives,” Herbosa said. “Green funding can help accomplish long-term socioeconomic development while also conserving the environment.”

DBP is the country’s fifth-largest bank in terms of assets, and it lends to four key economic sectors: infrastructure and logistics, micro, small, and medium enterprises, the environment, social services, and community development.

The PHP1.1 billion loan to MRDC, according to Herbosa, was used to build an 8-megawatt (MW) hydro-energy power plant in Barangay San Rafael in Bambang, Nueva Vizcaya, which is expected to generate an additional 42-gigawatt hour (GWh) for the Luzon Grid via the National Grid Corporation of the Philippines (NGCP).

He said the PHP1-billion loan to THEC was used to construct a 16-MW hydropower project in Tubig River, Brgy. San Rafael in Taft, Eastern Samar, which would supply 70GWh to the Visayas grid, helping to address the region’s insufficient supply of stable and affordable electricity, particularly in Samar Island and Leyte province.

“Despite the pandemic’s limits, both projects’ commissioning is currently in the planning stages, and commercial operations will begin soon,” Herbosa added.

DBP has released a total of PHP41.57 billion in credit assistance for energy-related projects across the country through its FUSED program as of end-October 2021.

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