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.