September 21, 2019
THE Development Bank of the Philippines (DBP) has extended a P1.65-billion loan for the construction of a solar power plant in Concepcion town, Tarlac province, to bolster the government’s push in tapping renewable energy (RE) sources in the country.
In a statement on Friday, the state-run bank said it recently signed P1.65-billion loan agreement with Terasu Energy Inc. (TEI) to partially finance the construction and development of a 40-megawatt (MW) solar facility.
Under the accord, both DBP and TEI committed to further promote the use of RE in the Philippines.
To ensure that the latest trends, policies and programs are properly met, TEI will work closely with Sindicatum Renewable Energy Co. Pte. Ltd., a Singapore-based company that develops, owns and operates 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 P. Leviste Jr. expressed his gratitude for the government’s support in the implementation of major RE policies in the country, and extended his appreciation to the DBP for providing assistance for the 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.
“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,” DBP President and Chief Executive Officer Emmanuel Herbosa said.
The state-led bank said that, as a renewable carbon dioxide-free power source, the environmental impact of solar power was significantly smaller than other power generation methods. It uses solar cells to directly convert sunlight into usable energy.
It also cited a study by the International Energy Agency which stated that solar energy would become the largest source of electricity by 2050.
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