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DBP finances largest solar power plant in Cebu Island

Shown during the loan signing are (seated, from left): Megawide finance officer Athena Ava M. Alsol; FTSEC chairman Michael C. Cosiquien; FTSEC chief financial officer Oliver Y. Tan; DBP senior vice president Lilia Baun; DBP senior assistant vice president Raquel Atienza; DBP senior vice president Jose Gabino Dimayuga; and DBP vice president Francis Nicolas Chua. At back are (from left): Citicore Power executive vice president Edmund Mabuti; Keenan Ugarte and Stephen Sieh of Primeiro Partners; Attys. Manuel Gonzales and Mia Ormita of MVGS; DBP senior manager Maria Eliza Galvan; DBP manager Lilia Simeon; DBP assistant vice president Mishaal Toribio; Paul Benedict Trinidad of DBP; DBP manager Lemuel Imperial; Melody Maramba of DBP; Atty. Gaile Dante Caraan; Atty. Micaela Masigan; and DBP manager Jocelyn Roque.

The Development Bank of the Philippines (DBP) has granted a P4.375-billion loan to First Toledo Solar Energy Corp. (FTSEC) to partially finance the construction of a 60-MW solar power plant in Toledo City, Cebu.

The project is currently the largest solar farm that DBP has financed, and is also the largest solar power plant in Cebu Island.  The grant of the 15-year term loan facility is in line with DBP’s thrust to help the country achieve energy independence through the development of renewable energy resources.  The project will augment the energy supply in the Visayas Grid by 48.96-MW.  More importantly, it is expected to have a multiplier effect on the local economy by stimulating business activities and ultimately improving the living condition of the residents of the province of Cebu.

Located at Barangay Talavera, Toledo City in Cebu, the project will replace more than 157,000 barrels of crude oil equivalent per year from alternative thermal plants during operations.  It is also expected to reduce about 38,000 tons of carbon dioxide emissions.

The project is intended to qualify for the Feed-in Tariff Program and is already dispatching power to the Wholesale Electricity Spot Market.