The Development Bank of the Philippines (DBP) granted a P254-million loan to renewable energy firm Upgrade Energy Philippines, Inc. (UEP) to spur investments in the sector amidst rising demand.
UEP, an engineering, procurement and construction contractor, offers renewable energy and energy efficiency technology solutions to various industries to reduce their consumption.
The loan to UEP falls under the bank’s Energy Efficiency Savings (E2SAVE) Program, according to DBP President and Chief Executive Officer Emmanuel G. Herbosa.
“DBP remains to be at the forefront of funding initiatives aimed at protecting the planet,” he noted.
UEP will use the credit line to partially finance the capital expenditure, construction, and installation of a 1,500kW rooftop solar power plant project under a Photovoltaic Installation Lease Agreement, explained DBP Senior Vice President and Head of Lending Program and Management Group Carolyn I. Olfindo.
The arrangement with UEP would be maximized under the DBP E2SAVE Program, improving the productivity of public and private institutions by harnessing available new technologies for energy efficiency and renewable energy projects.
Its loan repayment will be based on electricity savings, making investments affordable to end-users.
Already, “As of September 2022, DBP has approved 10 accounts under the E2SAVE program with a total loan amount of P947-million,” Olfindo pointed out.
“DBP will continue to actively seek more partners for the program to promote the development of energy efficiency projects in the country,” she concluded.
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