Mangima Hydro Power Corp., developer of the 12-megawatt run-of-river hydroelectric power project in Manolo Fortich, Bukidnon, is borrowing P2.4 billion from Philippine National Bank to fund the construction of the dam.
MHPC and PNB recently signed an omnibus loan and security agreement on the funding
“We at Mangima Hydro Power are really passionate about making Bukidnon a sustainable, energy-secure, renewable energy-powered province, and this project is our big step towards that vision,” Senator Juan Miguel Zubiri, MHPC president and chief executive officer, said of the initiative.
The project, which is set to be completed by 2024, is projected to have an annual generation of 64.12 gigawatt hours. It is the fifth power plant project spearheaded by Zubiri, having built a solar plant and three peaking power plants prior.
The project takes its name from the Mangima River in Manolo Fortich, where it will be built.