LANDBANK and Cabanglasan Hydropower Corporation (CHC), a wholly-owned subsidiary of Repower Energy Development Corporation (REDC), have signed a P2.6-billion loan agreement to partially finance the construction of a 15-megawatt hydropower plant in the Province of Bukidnon, that will help advance the country’s climate change mitigation and adaptation efforts.
Under the LANDBANK Renewable Energy Program, the run-of-river hydropower plant will be developed on the Pulangi River in Barangay Lumbayao, Valencia City, to sustainably improve the quality and reliability of energy supply in nearby cities and towns in the Province.
The loan signing was led by LANDBANK President and CEO Cecilia C. Borromeo and Pure Energy Holdings Corporation and CHC Chairman Dexter Y. Tiu on 6 December 2022 at the LANDBANK Plaza in Manila. They were joined by REDC President and CHC Director Eric Peter Y. Roxas, CHC President Johnson A. Sanhi, Jr., and from LANDBANK, Senior Vice Presidents Celeste A. Burgos and Lucila E. Tesorero, among other Bank officers.
“Through the years, LANDBANK has collaborated with REDC and its subsidiaries towards advancing clean, sustainable, and reliable sources of renewable energy. We actively support local projects that aim to secure a safe and sustainable future for the country, as part of our broader commitment to help build sustainable and resilient communities,” said President Borromeo.
Upon its completion in 2025, the hydropower plant is estimated to power around 130,000 households in 15 municipalities in the Province. The stable energy supply is likewise expected to benefit Bukidnon’s local economy, particularly its tourism, agriculture and industrial sectors.
“In just six short years of development, our group has brought 10 renewable energy power plants to operations – of which six are run-of-river hydropower, contributing around 50MW of clean energy to the grid. We have several hydropower projects under construction and in the pipeline, which we intend to bring to operations in the near future to help the country transition into a clean renewable, energy phase,” said REDC President Roxas.
“We would like to extend our deepest gratitude to the financial institutions who stood by us and provided project finance like LANDBANK, led by President Cecilia Borromeo, for their trust and confidence in the Pure Energy-REDC Group time and again,” Roxas added.
LANDBANK is at the forefront of promoting environmental sustainability in the country by supporting initiatives aimed at protecting the environment.
As of end-October this year, the Bank has approved a total of P20.1 Billion in loans to 56 borrowers under the LANDBANK Renewable Energy Program, in support of local projects that harness solar, hydro, and biomass energy sources.