DBP eyes roadshows to push renewable energy investments

The Development Bank of the Philippines (DBP) will hold international and local roadshows to promote investments in renewable energy, a top bank official said.

DBP president and chief executive officer Reynaldo David said the promotion of these projects is part of the bank’s green initiatives.

“We have been carrying out roadshows. We have been supportive of renewable energy development. Green is the way to go now,” he said.

He said efforts to promote renewable energy will not be hampered by the continued drop in global oil prices.

“Notwithstanding the slide in crude prices, there is still a need to push for RE or anything related to global climate change,” he said.

DBP has an available P50-billion window which investors can tap if they intend to venture into RE projects.

David said they recently signed a memorandum of agreement (MOA) with two firms from Canada and United Kingdom for the development of wind/hydro and biomass projects, respecitvely.

He said they are currently assessing several wind power projects in the Visayas area and biomass projects in Panay Island.

The DBP official said they are likewise supporting small biomass projects utilizing rice husks as feedstock in Isabela and Nueva Ecija.

Last Dec. 16, President Arroyo signed the Renewable Energy Act of 2008.  

Energy Secretary Angelo Reyes said the law will facilitate the entry of prospective RE technology investors in the country. 

The energy chief said the RE bill may advance the country’s objective of increasing its RE-based capacity which is projected to expand by 100 percent in 2013.  

RE is also being tapped to energize the few remaining un-electrified barangays in the country. 

The Electrification of 94 barangays in Mindanao using renewable energy systems such as solar photovoltaic and micro-hydro systems is under the Barangay Electrification Program of the Department of Energy.