Mangima Hydro Power borrows P2.4B from PNB
BY LENIE LECTURA – DECEMBER 28, 2021
from Business Mirror
MANGIMA Hydro Power Corp. (MHPC) has tapped the Philippine National Bank (PNB) for a P2.4-billion loan to finance the construction of a 12-megawatt (MW) run-of-river hydroelectric power project in Manolo Fortich, Bukidnon.
The project, which is set to be completed by 2024, is projected to have an annual generation of 64.12 gigawatt hours.
The PNB recently hosted an Omnibus Loan and Security Agreement Signing Ceremony between the bank and MHPC.
MHPC President and CEO Sen. Juan Miguel F. Zubiri said Bukidnon is considered “one of the country’s perfect area for developing renewable energy.”
“We at Mangima Hydro Power are really passionate about making Bukidnon a sustainable, energy-secure, renewable energy-powered province; and this project is our big step towards that vision,” Zubiri said.
Along with Zubiri, signatories of the loan agreement were PNB President Jose Arnulfo A. Veloso, PNB Executive Vice President Cenon C. Audencial Jr. and MHPC Chairman Nicandro G. Linao. Linao also heads the Sta. Clara International Corp. (SCIC), which is the engineering, procurement and construction contractor of the project.
“Through this joint project, I am confident that we can contribute to Mindanao’s continuing economic growth,” Veloso said. “PNB is one with (MHPC) in supporting green projects and paving the way for a sustainable tomorrow.”
MHPC also said the project will create jobs and opportunities for various localities in Bukidnon and nearby provinces.
“We’re very confident that with everyone’s continued support and commitment to this project, we will be able to see this through and complete construction by 2024. There’s a long road, and a lot of hard work ahead of us—this is actually just step one—but I think as long as we all stay on the same page and stay dedicated to our goal of strengthening renewable energy in the country, this project will be a complete success.”
The project is a joint venture between SCIC’s affiliate, Philnew River Power Corp., and Zubiri’s Green Renewable Holdings Corp., which partnered to form MHPC.
