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DBP supports solar power project

Shown during the loan signing are (seated, from left): EPRRI Manager Michael Yamazoe; Sindicatum Renewable Energy Chief Financial Officer Michael Boardman; EPRRI Chairman/President Jose Leviste, Jr.; DBP Officer in Charge Anthony T. Robles; Sindicatum Renewable Energy Chief Executive Officer Assaad Razzouk; and DBP Middle Market Head/Executive Vice President Mario B. Palou. Standing at the back (from left) are: (1) From DBP Trust Banking Group – Paul Azura, Atty. Dennis Follo, Vice President Felipe Velasco; (2) From DBP Legal Services Group – Ma. Theresa Tejada-Vicente, Atty. Jerome Maranion; (3) From DBP Middle Market – Luzon Manager Kristine Joy Yambao, Vice President Rox Morales; (4) From EPRRI – Stanley Lim, Maria Cecilia Canimo, Gabrielle Lim, Maria Carina Azores; and DBP Clark Branch Head Donna Diwa.

The Development Bank of the Philippines (DBP) has approved a P1.355-billion loan to Enfinity Philippines Renewable Resources Inc. (EPRRI) for the refinancing of its 22.326 MW solar powered electricity generation project in the Clark Freeport Zone, Pampanga.

The project is a joint venture of Mabalacat Solar Philippines Inc. and two Singapore-based firms, Sindicatum Renewable Energy Company Pte. Ltd. and Armstrong Asset Management.  Successfully constructed and commissioned, and operational since 10 March 2016, the project is expected to generate approximately 32,000 MWh/year of “clean” electricity.

Financing the proposed project will contribute to the National Government’s thrust of achieving energy independence through the development of renewable energy resources.

The project will augment energy supply in the Luzon Grid by 22.362 MW, providing reliable and adequate electricity that will benefit the premier economic development zones in the country and the surrounding communities.