STATE-RUN Development Bank of the Philippines, the eighth-largest lender in terms of assets, is extending a P1.1-billion term loan to Mindanao-based Liangan Power Corp. for the construction of a 11.9-megawatt hydroelectric power plant that will help improve energy supply in the area, a top official said Friday.
DBP president and chief executive Emmanuel Herbosa said the DBP-funded power plant further supported the government’s efforts to promote reliable and environment-friendly sources of energy, in line with the inclusive growth initiatives in the region.
“We are thrilled to be working with Liangan Power Corporation in this project that will produce a reliable supply of renewable energy at an affordable cost,” Herbosa said.
“This should aid in addressing the country’s growing need for sustainable energy supply, particularly in Mindanao,” he said.
The hydroelectric power plant is the first project to be developed by LPC in the renewable energy sector.