DBP and Pure Meridian Hydropower Corporation (PMHC)- Lalawinan, Inc. recently signed a P522.7 million loan agreement to finance the latter’s 3-megawatt hydroelectric power project in Real, Quezon.
President and Chief Executive Officer Cecilia C. Borromeo said the project is in line with the Bank’s continuing efforts to increase access to electricity services by supporting clean and renewable sources of energy. She added that DBP is looking to further encourage greater private sector investments in green energy.
“The country is endowed with many sources of renewable energy that remain untapped. These are opportunities for creating a development partnership between DBP and investors in the renewable energy market,” she said.
The hydroelectric power project will help reduce carbon dioxide emissions by an estimated 6,000 tons per annum, while contribuing to the government’s thrust of achieving energy independence through the development of indigenous and renewable energy resources.
The project is also expected to stimulate economic activity in the area and generate tax collections. It is estimated that the project will provide employment to around 200 residents during the construction phase and about 10 personnel once the plant starts operations.
Shown after the loan agreement signing between DBP and PMHC-Lalawinan, Inc. are (from left): PMHC Directors William Pamintuan and Ireneo Acuna, DBP Chairman Alberto G. Romulo, PHMC President and CEO Dexter Tiu, DBP President and Chief Executive Officer Cecilia C. Borromeo, Meralco President and CEO Oscar Reyes, DBP SVP Lilia Baun, and PMHC Director Chris Tiu.