State-run Development Bank of the Philippines, the eighth-largest lender in terms of assets, recently signed a P1.65-billion loan agreement with Terasu Energy Inc. to partially finance the construction and development of a 40-megawatt solar power plant in Concepcion, Tarlac.
DBP president and chief executive Emmanuel Herbosa said Friday the agreement was in line with President Rodrigo Duterte’s earlier call to speed up the development of renewable energy sources and the reduction of the country’s dependence on traditional fuel sources.
DBP and TEI under the agreement committed to further accelerate the use of renewables in the Philippines.
“We are especially enthusiastic about this partnership, as it can significantly contribute in the attainment of the Philippine Development Plan of increasing the share of our country’s renewable energy sources in the global energy mix while contributing to the greater effort of reducing our carbon footprint,” Herbosa said in a statement.
The environmental impact of solar power is significantly smaller than other power generation methods. It uses photovoltaic or solar cells to directly convert sunlight into usable energy.
A study conducted by the International Energy Agency demonstrates that solar energy will surpass other forms of energy sources to become the largest electricity source by 2050.
To ensure the latest trends, policies, and programs on renewable energy development are properly met and complemented, TEI is working closely with Sindicatum Renewable Energy, a Singapore-based company that focuses on developing clean energy projects in South and Southeast Asia.
“The countries of Southeast Asia are particularly vulnerable to the impacts of climate change, and through this partnership, we hope to communicate our commitment to sustainable development and devote ourselves in mitigating the impacts of climate change and therefore improve the lives of ordinary citizens,” Sindicatum Renewable Energy president Robert Eugene Driscoll said.
TEI president Jose Leviste Jr. expressed his gratitude for the administration’s support in the implementation of major renewable energy policies in the country. He also extended his appreciation to DBP for providing assistance in the development of this high-impact project.
“DBP has always been enormously responsive in addressing our needs, we have two more projects in the pipeline, and we hope to come back to DBP to request support for our continued growth,” Leviste said.