DBP provides PHP2.1 billion in funding for two hydro-energy projects in the Philippines

State-owned Development Bank of the Philippines (DBP) has approved a funding of PHP2.1-billion to support the development of two hydro-energy projects in the country under the Financing Utilities for Sustainable Energy Development (FUSED) programme. ..

Out of the total funding, PHP1.1 billion has been provided to Matuno River Development Corporation (MRDC) for the construction of an 8 MW hydro-energy power plant located in Nueva Vizcaya. This project is expected to generate an additional 42 GWh for the Luzon Grid through the National Grid Corporation of the Philippines (NGCP).The remaining PHP1 billion has been offered to Taft Hydroenergy Corporation (THEC) to finance the construction of a 16 MW hydropower project in Brgy. Once operational, this hydro-power plant is expected to supply 70 GWh to the Visayas grid as well as help in stabilising electricity supply in Samar Island and Leyte province.Both projects are currently in the planning stage, with commercial operations scheduled to commence soon.As of November 2021, DBP has provided a total of PHP41.57 billion in assistance to finance the development of energy-related projects in the Philippines under the FUSED programme.