STATE-OWNED Development Bank of the Philippines (DBP) will help fund Liangan Power Corp.’s (LPC) hydroelectric power plant in Mindanao through a P1.1-billion term loan, the lender said in a statement on Friday.
The power plant, which is expected to start commercial operations by 2021, will improve energy supply across the region, it said.
The P1.1-billion loan will be used to build starting this quarter Liangan Power’s 11.9-megawatt (MW) hydroelectric power plant.
“This should aid in addressing the country’s growing need for sustainable energy supply, particularly in Mindanao,” DBP President and Chief Executive Officer Emmanuel G. Herbosa said in the statement.
The power plant at the Liangan River in Bacolod, Lanao del Norte province in southern Philippines. is Liangan Power’s first project in the renewable energy sector.
The company is seeking to expand it into a 250-MW plant by early next year. — Beatrice M. Laforga