The Land Bank of the Philippines (LANDBANK) and Cabanglasan Hydropower Corporation (CHC) have signed a PHP2.6 billion (US$47.2 million) loan agreement to partially finance construction of a 15 MW small hydropower plant in the Province of Bukidnon.
Under the LANDBANK Renewable Energy Program, the run-of-river hydropower plant will be developed on the Pulangi River in Barangay Lumbayao, Valencia City, to sustainably improve the quality and reliability of energy supply in nearby cities and towns in the province. Construction of the facility will help advance the country’s climate change mitigation and adaptation efforts, LANDBANK said.
CHC is a wholly-owned subsidiary of Repower Energy Development Corporation (REDC).
“Through the years, LANDBANK has collaborated with REDC and its subsidiaries towards advancing clean, sustainable, and reliable sources of renewable energy. We actively support local projects that aim to secure a safe and sustainable future for the country, as part of our broader commitment to help build sustainable and resilient communities,” said LANDBANK President and Chief Executive Officer Cecilia C. Borromeo.
