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DBP Extends P1.1-B Loan for Mini-hydro Power Plant


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.

DBP president & chief executive officer Gil A. Buenaventura (in white barong, fourth from right) shakes hands with ORMIN Power Inc. chairman Jolly Ting after presenting a ceremonial check representing DBP’s P1.1-billion loan assistance for the construction of a 10MW mini-hydro power plant in San Teodoro, Oriental Mindoro. Also in photo are (from left) ORMECO president Audel Arago, DBP senior assistant vice president Abelardo Monarquia, ORMIN Power director Ben Delos Reyes, ORMIN Power president Jefferson Yao, DBP account officer Rosario Nenita Badillo, DBP Calapan branch head Ched Sy, ORMIN Power director Benson Lao, DBP executive vice president Anthony Robles, and ORMECO general manager Romeo Cuasay.