DBP approves P900M loan for construction of hydropower plant in Agnor

Photo credit: Pidjanga.blogspot.com
By: Maricel E. Burgonio, InterAksyon.com

MANILA, Mar. 17 - Development Bank of the Philippines (DBP) has granted a P900 million loan to Asiga Green Energy Corp (AGEC) for the construction of a hydropower plant in Agusan del Norte. 

In a statement, state-run DBP said it signed a loan agreement with AGEC to build the eight-megawatt Asiga hydropower plant in Santiago town. 

This will help stabilize the power supply in the Caraga region, and will reduce an estimated 35,575.41 metric tons of carbon dioxide emitted to the atmosphere each year. 

The Caraga region is composed of the provinces of Agusan del Norte, Agusan del Sur, Surigao del Norte, Surigao del Sur and Dinagat Islands. 

DBP said the project would create 100-300 jobs or contractual employment during the two-year construction period. 

It will also provide permanent employment for 25 people who will man and operate the facility once it is up and running. 

The project is part of DBP’s continuing thrust to promote new and renewable sources of energy in the country that protect the environment through reduced greenhouse gas emissions. (Interaksyon)

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