State-owned Development Bank of the Philippines (DBP) today granted a P1.1-billion loan to ORMIN Power, Inc. for the construction of a 10 megawatt mini-hydro power plant in San Teodoro, Oriental Mindoro.
The proposed mini-hydro power plant will harness the potential of the Inabasan River and is expected to become operational in 2015. It will help augment power supply in the province, providing stable electricity to households and businesses and stimulate the local economy in the process.
The loan assistance is in support of the government’s goal of achieving energy independence through the development of indigenous and renewable sources of energy. It will also contribute to global efforts of reducing greenhouse gas emissions.
Electricity generated by the power plant will be sold to the Oriental Mindoro Electric Cooperative (ORMECO), the sole power distributor in the province.