DBP grants P750-million credit line to boost renewable energy storage

THE Development Bank of the Philippines (DBP) has granted a P750-million revolving credit line to an energy firm for the manufacture and export of cost-effective and sustainable energy storage systems for power generation activities of renewable energy companies, a top official said.

DBP President and Chief Executive Officer Emmanuel Herbosa said that the bank's funding assistance to Amber Kinetics Philippines, Inc. (AKPI) would be used to partially finance the company's working capital and other short-term operational requirements for the domestic and export sale of its novel Flywheel Energy Storage System.