MANILA, Philippines - State-owned Development Bank of the Philippines (DBP) has granted a P268.5-million loan to the Camarines Sur IV Electric Cooperative (Casureco IV).
The loan would allow Casureco IV to partially finance its capital expenditure requirements that will lead to the improvement of the distribution system’s capacity, efficiency, reliability and safety.
The project is also expected to address the load requirement of new customers, overloading of transformers, and dilapidated kilowatt-hour meters.
The DBP loan will be used to provide electrification to 393 sitios and connect 16,382 households.
It will also reduce technical systems loses from 14.49 percent to 12.69 percent in the first year.
Categorized as a large cooperative by the National Electrification Administration, Casureco IV’s coverage consists of nine municipalities with 258 barangays in the fourth district of Camarines Sur. Casureco IV currently serves 41,391 customers.
DBP has been extending financial assistance to energy-related projects as part of its commitment to support development in the power industry.
Recently, DBP signed a P900-million loan agreement with Asiga Green Energy Corp. (AGEC) to finance the construction of the eight-megawatt Asiga Hydropower Plant in Santiago, Agusan del Norte.
The hydropower project will help stabilize the power supply in the CARAGA region and reduce an estimated 35,575.41 metric tons of carbon dioxide emitted to the atmosphere annually.
The project is expected to provide contractual employment for 100 to 300 workers during the two-year construction period. It will also provide permanent employment for 25 people who will man and operate the power plant.