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THE Department of Energy (DOE) and the United Nations
Development Programme (UNDP) have launched three pilot financing
programs to support renewable energy projects in the country.
In a statement, the DOE
identified these as the Project Preparation Fund (PPF), Loan
Guarantee Fund (LGF) and the Micro-Finance Fund (MFF).
The financing programs will be
used to assist project developers in order “to spur the
development of sustainable energy sources for the Philippines”
through loans and microfinance packages.
The energy department said that
the financing programs are expected to “further promote and
accelerate the development and application of renewable energy
projects in the country.”
The programs will be funded
through grants from the Global Environment Facility and the CBRED
Project (Capacity Building to Remove Barriers on Renewable Energy
Development in the Philippines), both undertaken by the UNDP.
The CBRED Project aims to remove
the key barriers to renewable development through streamlined and
rationalized program, including the setting up of the pilot funds.
The DOE, which acts as the
executing agency for the CBRED Project, will have an oversight role
in the implementation of the financing programs.
The Land Bank of the Philippines
and the Peace and Equity Foundation will act as fund managers for
each of the programs.
 --Euan
Paulo C. Añonuevo
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