Alternergy Holdings Corp. through Dupinga Mini Hydro Corporation (DMHC) has secured Php 600 million funding from the Development Bank of the Philippines (DBP) to help develop its 4.6 megawatt (MW) mini-hydropower project in Gabaldon, Nueva Ecija.
DMHC is the corporate vehicle of Alternergy and Markham Resources Corp. for the hydropower project.
DBP said that the funding of the Dupinga project would be under its Financing Utilities for Sustainable Energy Development program, which looks to contribute to intensifying energy access through financing utility-scale energy generation projects.
DMHC is looking to complete the mini-hydro project by early 2024.
The service contract for the Dupinga hydro project was awarded by the Department of Energy back in 2010. While the right to further develop the project was transferred to DMHC in 2017.
DMHC added that they have done extensive technical studies and public consultations and have secured the necessary permits. It has also sealed a memorandum of agreement (MOA) with the Katutubong Dumagat of Central Luzon and the Kaagapay ng Komunidad Corporate Socia, Responsibility (CSR) program to help maintain the Dupinga watershed, provision of local employment, and aid the host community in times of need and emergencies.
Alternegery looks to develop 1,245 megawatts (MW) of renewable energy projects for its portfolio in the next five years. It recently filed for a Php 2.18 billion initial public offering (IPO) to fund its RE projects.
The company, led by former Energy Secretary Vicente Perez Jr., will focus on wind, solar, and run-of-river hydropower projects.
Photo from Artelia Group Website