To spur investment in the sector, the Development Bank of the Philippines (DBP), provided a loan of P254 million to Upgrade Energy Philippines (UEP), a renewable energy firm.
UEP is an engineering, procurement, and construction company that offers energy efficiency and renewable energy solutions to different industries in order to reduce their consumption.
According to Emmanuel G. Herbosa, President and CEO of DBP, the loan to UEP fall within the bank’s Energy Efficiency Savings Program (E2SAVE).
He noted that “DBP continues to be at forefront of funding initiatives aimed towards protecting the planet.”
UEP will partially finance capital expenditures, construction as well as installation of a 1,500kW rooftop power plant under a Photovoltaic Installation Lease Contract. This was explained by Carolyn I. Olfindo, Senior Vice President of DBP and Head of the Lending Program, Management Group.
Under the DBP E2SAVE Program the arrangement with UEP will be maximized. This program improves the productivity of public institutions and private organizations by harnessing new technologies for energy efficiency and projects that are renewable.
The loan repayments will be based on electricity savings. This makes investments more affordable for end-users.
Olfindo noted that “as of September 2022 DBP had approved 10 accounts under E2SAVE program with total loan amounts of P947 million.”
She concluded that the DBP will continue to seek out more partners to support the country’s development of energy efficiency projects.