State-run Land Bank of the Philippines is lending P2.6 billion to a unit of Pure Energy Holdings, intended to partially fund a 15-megawatt (MW) hydropower plant project in Bukidnon.
The project’s proponent is Cabanglasan Hydropower Corp. (CHC), a wholly owned subsidiary of Repower Energy Development Corp. (REDC).
Through LandBank Renewable Energy Program, the run-of-river hydropower plant will be built along the Pulangi River in Barangay Lumbayao, Valencia City.
The future output of the power plant is intended to meet demand in nearby cities and towns in Bukidnon.
“Through the years, Landbank has collaborated with REDC and its subsidiaries toward advancing clean, sustainable, and reliable sources of renewable energy,” Landbank president and chief executive Cecilia Borromeo said in a joint statement.
“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,” Borromeo said.
Slated for completion in 2025, the hydropower plant is expected to be able to provide supply for 130,000 households in 15 towns in Bukidnon.
Eric Peter Roxas, president of REDC and director of CHC, said the stable energy supply from the project is also expected to benefit the tourism, agriculture and industrial sectors in the province.
“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,” Roxas said.