STATE-RUN Development Bank of the Philippines, the eighth-largest lender in terms of assets, signed a P2-billion term loan agreement with a renewable energy company for the development and construction of the 18-megawatt Timbaban hydropower plant in Madalag, Aklan province.
DBP president and chief executive Cecilia Borromeo said Friday the loan to Oriental Energy & Power Generation Corp. was part of the bank’s efforts to help broaden access to reliable and affordable electricity, especially in the countryside.
“DBP’s loan assistance to OEPGC reflects our continuing commitment to support the efforts of renewable energy firms in their quest to introduce clean energy technology,” Borromeo said.
The Timbaban hydropower project involves the construction and operation of a run-off river 18-MW hydropower plant in Barangay Ma. Cristina, Madalag, Aklan. It is the first hydropower project in the country to obtain a certificate of commerciality from the Department of Energy. It expected to be completed by April of 2019.