PNOC unit extends loans for energy projects

The PNOC-Energy Development Corp. (EDC) has granted new loans to entrepreneurs through its P125-million Decentralized Energy Systems (DES) project facility.

EDC said it has extended a P4.269-million loan to Jover Light Industries Inc. to be used for the increased commercialization of its recirculating grain dryer and flat bed grain dryer technologies.

Buffalo Industries Philippines Inc., on the other hand, has secured a P1.296-million loan to supply its Light Eco products to its various clients.

Both entrepreneurs qualified in the DES project’s supported technologies. Jover Light’s grain dryers utilize rice hull as fuel (biomass-fired dryer) while Buffalo’s Light Eco is an energy saving technology for fluorescent lamps.

DES refers to any energy system that generates power on its own and does not rely on commercial power grid systems. They feed on either conventional fuel such as petroleum or non-conventional ones such as agricultural wastes and can be used in urban or rural areas. Examples of DES technologies include biogas systems, briquetted biomass materials, isolated cogeneration systems and photovoltaic systems.

EDC’s DES project has been providing financial assistance to entrepreneurs engaged in the manufacture, marketing and utilization of priority technologies such as photovoltaics, biogas systems, briquetted solid fuels, biomass-fired dryers/ovens, wind energy conversion systems, solar water heaters, micro/mini hydro, and energy conservation technologies.

Since 1986, EDC has granted loans to 19 entrepreneurs under the DES. The project is distinct from other financing institutions as this enhances value services such as the provision of technical, market and promotional assistance to entrepreneurs during the term of the loan.

The short-term objective of the DES project is to ensure that more new and renewable energy (NRE) entrepreneurs can avail of the needed financial assistance for their businesses and that their concept of the NRE market and technologies can be communicated to and adopted by the stakeholders and the Filipino people.

"We need Filipino entrepreneurs who are willing to take risks in projects which will greatly contribute to energy savings and help supply the energy requirement of the country. The rewards of the DES project in the long run will be seen in the sustainability of NRE businesses in the country," EDC director Benito Bengzon said.