DBP Grants ₱254-M Loan For Renewable Energy Project

The Development Bank of the Philippines (DBP) granted a ₱ 254 million loan to Upgrade Energy Philippines, Inc. (UEP), a renewable energy firm. The grant aims to entice more investments in the sector as demand rises.

The UEP is an engineering, procurement, and construction contractor that offers renewable energy and energy efficiency technology solutions to different industries to reduce energy consumption.

According to DBP President and Chief Executive Officer Emmanuel G. Herbosa, the loan will fall under the bank’s Energy Efficiency Savings (E2SAVE) Program.

“DBP remains to be at the forefront of funding initiatives aimed at protecting the planet,” Herbosa said.

DBP Senior Vice President and Head of Lending Program and Management Group Caroly I. Olfindo explained UEP will use the loan to partially pay for the capital expenditure, construction, and installation of a 1,500kW rooftop solar power plant project under a Photovoltaic Installation Lease Agreement.

Furthermore, the budget will be utilized under the DBP E2SAVE to improve the productivity of public and private institutions by harnessing available new technologies for energy efficiency and other renewable energy projects.

The loan repayment will be based on electricity savings and will make investments affordable to users.

Olfindo said, “As of September 2022, DBP has approved 10 accounts under the E2SAVE program with a total loan amount of ₱947 million.”

“DBP will continue to actively seek more partners for the program to promote the development of energy efficiency projects in the country,” Olfindo concluded.

Source: Manila Bulletin