(PAGASA 24-HOUR PUBLIC WEATHER FORECAST as of Monday, 27 May 2024) At 3:00 AM today, the center of the eye of Typhoon "AGHON" {EWINIAR} was estimated based on all available data at 95 km East of Baler, Aurora (15.6°N, 122.5°E) with maximum sustained winds of 140 km/h near the center and gustiness of up to 170 km/h. It is moving North Northeastward at 10 km/h. Southwesterly Windflow affecting the western section of Southern Luzon and Visayas. 𝗙𝗒π—₯π—˜π—–π—”π—¦π—§ π—ͺπ—˜π—”π—§π—›π—˜π—₯ π—–π—’π—‘π——π—œπ—§π—œπ—’π—‘: Butuan City, Agusan del Norte, Agusan del Sur, Dinagat Islands, Surigao del Norte and Surigao del Sur will experience partly cloudy to cloudy skies with isolated rainshowers or thunderstorms due to Localized Thunderstorms. Possible flash floods or landslides during severe thunderstorms. 𝗙𝗒π—₯π—˜π—–π—”π—¦π—§ π—ͺπ—œπ—‘π—— 𝗔𝗑𝗗 π—–π—’π—”π—¦π—§π—”π—Ÿ π—ͺπ—”π—§π—˜π—₯ π—–π—’π—‘π——π—œπ—§π—œπ—’π—‘: Light to moderate winds coming from South to Southwest will prevail with slight to moderate seas (0.6 to 2.5 meters).

Tuesday, December 28, 2021

DBP launches new program for renewable energy projects

BUTUAN CITY -- State-owned Development Bank of the Philippines (DBP) has launched a new loan program to expand support for utility-scale solar power developers in the country and bolster investments in the renewable energy sector, a top official said.

Contributed photo

DBP president and chief executive officer Emmanuel G. Herbosa said the bank’s Solar Merchant Power Plant (SMPP) Financing Program aims to provide funding support to solar power developers intending to sell electricity through the Wholesale Electricity Spot Market with a longer tenor of up to 12 years with a one year grace period on principal payment. 

“DBP is ready to provide financing to viable solar power developers for their capital expenditures such as the construction or expansion of their infrastructure facilities, acquisition of machinery and equipment, among others,” said Herbosa.

DBP is the fifth largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; environment; social services and community development.

Under the SMPP program, qualified borrowers are entitled to a maximum loanable amount of up to 60% of the total project cost for projects located in Luzon, and up to 50% for projects in the Visayas. Reimbursement of eligible solar merchant power projects may also be availed of provided the completed project does not exceed one year from date of project completion.

Herbosa said the new program is expected to contribute to the National Government’s goal of increasing solar photovoltaic capacity in the country from 2.16 Gigawatts (GW) in 2020 to 15.29 GW in 2030.

As a bank for the environment, DBP aims to boost investments in the green energy sector and proactively support the national goal for renewable energy to account for 35% of the country’s power generation mix by 2030, as set in the Philippine Energy Plan (2018-2030), he added. (DBP/PIA-Caraga)