MANILA, Philippines — The Philippine National Bank (PNB) has partnered with Mangima Hydro Power Corp. (MHPC) for a P2.4 billion loan to put up a hydropower project in Bukidnon.
PNB and MHPC signed an omnibus loan and security agreement for a P2.4 billion loan to construct a 12-megawatt (MW) run-of-river hydroelectric power plant in Manolo Fortich, Bukidnon.
“Through this joint project, I am confident that we can contribute to Mindanao’s continuing economic growth. PNB is one with Mangima Hydro Power Corp. in supporting green projects and paving the way for a sustainable tomorrow,” said PNB president Wick Veloso.
“With our strong commitment to work together, we have bright days ahead of us. We look forward to taking the next steps toward safeguarding our environment for future generations and leading the reform process for sustainable power – a marching order from Dr. Lucio Tan,” he said.
The project, which is set to be completed by 2024, is estimated to have an annual generation of 64.12 gigawatt hours. It will create jobs and sustainable opportunities for various localities in Bukidnon and nearby provinces.
“For decades, our country’s power industry has depended heavily on fossil fuel, which has both burdened our economy and our environment. Our project aims to help address these problems and continue towards energy independence and a cleaner tomorrow,” said MHPC chairman Nicandro Linao, who also heads Sta. Clara International Corp.
Sen. Juan Miguel Zubiri said Bukidnon is one of the richest provinces in the country in terms of natural resources, making it a perfect area for developing renewable energy (RE).
“We at Mangima Hydro Power are really passionate about making Bukidnon a sustainable, energy-secure, renewable energy-powered province, and this project is our big step towards that vision,” he said.
“That is of absolute import, particularly in the countryside and especially in Bukidnon, where to this day, some towns and even cities like Malaybalay often face power supply problems,” the senator said.
MHPC, which takes its name from the Mangima River in Manolo Fortich, is the fifth power plant project spearheaded by Zubiri –having built a solar plant and three peaking power plants prior.
“We’re very confident that with everyone’s continued support and commitment to this project, we will be able to see this through and complete construction by 2024. There’s a long road, and a lot of hard work ahead of us – this is actually just step one – but I think as long as we all stay on the same page, and stay dedicated to our goal of strengthening renewable energy in the country, this project will be a complete success,” Zubiri said.
MHPC is a joint venture between SCIC’s affiliate Philnew River Power Corp. and Zubiri’s Green Renewable Holdings Corp.