DBP launches new program for renewable energy projects Under the SMPP program, qualified borrowers are entitled to a maximum loanable amount of up to 60% of the total project cost for projects located in Luzon, and up to 50% for projects in the Visayas. Reimbursement of eligible solar merchant power projects may also be availed of provided the completed project does not exceed one State-owned tenor of up to 12 years year from date of project Development Bank of with a one year grace completion. the Philippines (DBP) has period on principal Herbosa said the new launched a new loan payment. program is expected program to expand “DBP is ready to provide to contribute to the support for utility-scale financing to viable solar National Government’s solar power developers power developers for goal of increasing solar in the country and their capital expenditures photovoltaic capacity bolster investments in the such as the construction in the country from 2.16 renewable energy sector, or expansion of their Gigawatts (GW) in 2020 to a top official said. infrastructure facilities, 15.29 GW in 2030. acquisition of machinery As a bank for the Contributed photo and equipment, among environment, DBP aims DBP president and others,” said Herbosa. to boost investments chief executive officer DBP is the fifth largest in the green energy Emmanuel G. Herbosa bank in the country sector and proactively said the bank’s Solar in terms of assets and support the national goal Merchant Power Plant provides credit support for renewable energy (SMPP) Financing Program to four strategic sectors to account for 35% of aims to provide funding of the economy – the country’s power support to solar power infrastructure and logistics; generation mix by 2030, developers intending to micro, small and medium as set in the Philippine sell electricity through enterprises; environment; Energy Plan (2018-2030), the Wholesale Electricity social services and he added. (DBP/PIASpot Market with a longer community development. Caraga)
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|December 25-31, 2021
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