STATE-RUN National Transmission Corp. (Transco) is seeking an Energy department endorsement to secure World Bank funding for the proposed Visayas and Mindanao interconnection project.
Transco President Melvin Matibag said on Monday that he had written a letter to Energy Secretary Alfonso Cusi asking the department to pitch the project to the Washington-based lender.
Matibag claimed the World Bank was interested in funding the project, which is also being pushed by the National Grid Corporation of the Philippines.
NGCP has been granted a provisional authority by the Energy Regulatory Commission but Transco is questioning this on the grounds that customers will be made to shoulder the cost of the project.
Matibag said that Transco could secure a 30-year loan with almost zero interest under the World Bank’s Renewable Energy Development program.
In August, Transco said it needed up to P110 billion to develop transmission lines to connect the Visayas and Mindanao grids.
Matibag also said the interconnection project could be finished in 2020, before the end of President Rodrigo Duterte’s term.