The Development Bank of the Philippines (DBP) has signed a P1.65 billion loan agreement with Terasu Energy Inc. (TEI) to partially finance the development of a solar power plant in Concepcion, Tarlac.
The planned solar plant has a capacity of 40-megawatts alternating current (MWac).
“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 G. Herbosa was quoted in a Manila Bulletin report.
The agreement between DBP and the solar firm is a partnership to fast-track the use of renewable sources in the Philippines.
According to a study conducted by the International Energy Agency (IEA), solar energy will surpass other sources of energy and will become the largest power source by 2050.
TEI works with Singapore-based Sinducatum Renewable Energy, which focuses on 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,” said Sindicatum Renewable Energy President Robert Eugene Driscoll.
TEI President Jose P. Leviste, Jr thanked the administration’s support on promoting renewable energy policies in the country, as well as DBP’s financial assistance in 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 ended.