STATE-OWNED Development Bank of the Philippines (DBP) has signed a P1.65-billion loan agreement with Terasu Energy, Inc. to finance the construction of a renewable energy power plant in Concepcion,Tarlac.
The loan will fund Terasu’s 40-megawatt solar power plant in central Philippines after the government’s call to hasten the development of renewable energy sources, the lender said in a statement on Friday.
The partnership will support the Philippine Development Plan to increase the share of renewable energy sources in the global energy mix, while cutting the country’s carbon footprint, DBP President and Chief Executive Officer Emmanuel G. Herbosa said in the statement.
The carbon dioxide-free power generator, uses solar cells to convert sunlight into energy and has a smaller environmental impact, according to the statement. — Beatrice M. Laforga