The Development Bank of the Philippines (DBP) has agreed to a US$20 million loan to the Asiga Green Energy Corp. for the construction of a new small hydropower project in the country's northern region.
DBP said the hydroelectric plant will have an output capacity of about 8 MW and will help stabilize the energy supply around Caraga.
The project will create up to 300 jobs during its two-year construction period, the bank said, with another 25 permanent positions created once the facility is completed.
The Asiga plant is part of the Philippine government's efforts to increase the country's renewable portfolio. HydroWorld.com reported in February that its Department of Energy had awarded contracts for four small hydropower plants to be located in Negros Occidental, while a 200 MW pumped-storage hydropower plant was approved earlier this week.
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