Development Bank of the Philippines (DBP) earmarked P660 million as funding support for the development of a 4.6 megawatt Dupinga Mini Hydropower project in Gabaldon, Nueva Ecija.
This is in line with the state-owned institution’s thrust to support new and renewable energy sources.
“The funding support for the Dupinga Project is yet another contribution by the DBP in helping achieve the government’s goal of 30 percent renewable energy share in the country’s total energy mix by 2030,” DBP President and Chief Executive Officer Emmanuel Herbosa said.
The loan extended to Dupinga Mini Hydro Corporation (DMHC) is under DBP’s Financing Utilities for Sustainable Energy Development, which aims to contribute to the increased access to electricity services through financing of utility-scale energy generation projects.
“The Dupinga Project is located within the ancestral domain of the Dumagats of Central Luzon and Sierra Madre mountain range. Ensuring the completion of this project through our funding support also assures that the welfare of our indigenous peoples and their community as well as the Sierra Madre are protected and remains sustainable,” he added.
DBP is expected to release to DMHC the first tranche from the approved loan within the first week of July 2022 to fully mobilize construction activities and target completion by early 2024.
DMHC is a partnership between Alternergy Holdings Corporation, and Markham Resources Corporation.
The small-scale run-of-river hydropower project will harness water from the Dupinga River system and convert it as clean, renewable electricity supply to Nueva Ecija II – Area 2 Electric Cooperative, Inc.
It is expected to spur economic activities and improve the welfare of the community through additional income from royalties, taxes and government share for every kilowatt of generated output.
Corporate Social Responsibility program is focused on assisting the Dumagats.