LANDBANK loans for renewable energy projects reach P5.4 billion
The Land Bank of the Philippines has taken another stride to support major initiatives that are anchored on national development programs, particularly in sourcing energy from alternative sources.
LANDBANK loans for Renewable and other Alternative Sources (RAES) reached P5.4 billion as of December 2007. This covered the financing requirements of hydro-power and geothermal plants and projects such as ethanol production and power using biomass.
“We are stepping up our support for the promotion and development of renewable energy sources because of their impact on the country’s sustainable economic growth and on the environment,” Pico said.
Of the total approved loans, renewable energy such as geothermal, hydro power and biomass received P5.015 billion while biofuel projects accounted for P395 million.
As of 2007, LANDBANK’s total loan for environment-related projects expanded to P12.3 billion from P2.6 billion in 2006. Environment-related projects are among the sectors identified by LANDBANK for priority financing.
LANDBANK also opened a loan facility called Renewable Energy for Wiser and Accelerated Resources Development or REWARD. It can be availed of by entrepreneurs (whether sole proprietor, partnership or corporation), cooperatives, LGUs and NGOs to help them undertake project feasibility studies or provide working capital and fixed asset investment for renewable energy projects. Eligible projects for financing include bio-fuel, biomass, hydro-power, wind projects, geothermal, solar photovoltaic, solar heaters and co-generation projects.
LANDBANK is also in talks with various government and private agencies for financing of new RAES projects worth P5.2 billion.
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