Loan support for power sector in Pangasinan
LOCAL stakeholders in the power sector welcome the new loan program launched by the state-owned Development Bank of the Philippines (DBP) seeking to expand support for utility-scale solar power developers in the country and bolster investments in the renewable energy sector.
DBP President and Chief Executive Officer Emmanuel G. Herbosa said the bank’s Solar Merchant Power Plant (SMPP) Financing Program will provide funding support to solar power developers intending to sell electricity through the Wholesale Electricity Spot Market with a longer tenor of up to 12 years with a one year grace period on principal payment.
“DBP is ready to provide financing to viable solar power developers for their capital expenditures such as the construction or expansion of their infrastructure facilities, acquisition of machineries and equipment, among others,” Herbosa said.
Under the SMPP program, qualified borrowers are entitled to a maximum loanable amount of up to 60% of the total project cost for projects located in Luzon, and up to 50% for projects in the Visayas. Reimbursement of eligible solar merchant power projects may also be availed of provided the completed project does not exceed one year from date of project completion. (DBP)
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