The Development Bank of the Philippines (DBP) will be providing Ormin Power Inc., a subsidiary of listed company Jolliville Holdings Corp., a P1.1-billion loan to fund its 10-megawatt hydro-power project in Mindoro.
In a disclosure to the Philippine Stock Exchange, Jolliville Holdings Corp. reported that its subsidiary, Ormin Power, has forged and executed a loan agreement with DBP for P1.1 billion.
“The proceeds of the loan will be used to partly finance the establishment of Ormin Power’s 10-megawatt [MW] Inabasan Mini-Hydro-Power Plant project in San Teodoro, Oriental Mindoro,” the disclosure further said.
The company earlier announced that it will be developing the hydro-electric plant along the Inabasan River in San Teodoro municipality. The plant is initially expected to produce 10 MW of power at 80-percent efficiency.
The last time that DBP provided Ormin Power project financing was in 2011, where the bank partly financed the company’s 6.4-MW coal-fired diesel power plant also in Oriental Mindoro. According to previous reports, this power plant in Calapan City is expected to produce up to 4,600,000-kilowatt hours per month.
Madelaine B. Miraflor