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Philippines
Thursday, March 28, 2024

DBP Loan

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State-owned Development Bank of the Philippines grants P441-million credit assistance for the development of a mini-hydroelectric plant in Kananga, Ormoc City, Leyte to achieve energy security and broaden access to clean energy sources in the province. DBP president and chief executive Michael de Jesus says the credit assistance to Leyte V Electric Cooperative Inc. under the bank’s Financing Utilities for Sustainable Energy Development is part of its continuing support to the national government’s drive to increase to 35 percent the share of renewable energy in the country’s power generation mix by 2030. Joining the capsule laying and groundbreaking ceremony of the LEYECO V 2MV Bao Hydroelectric Power Project are executives of DBP, LEYCO V, ECOGEN Renewable Energy Corp., Philippine Rural Electric Cooperatives Association, MeadowLand Developer, National Electrification Administration and local officials of Leyte.

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