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DBP Receives Global Recognition for Renewable Energy Efforts

July 20, 20241 Mins read169

DBP Senior Vice President Carolyn Olfindo (third from left) and DBP Vice President Raquel Atienza (rightmost) receive the ADFIAP Merit Award for Infrastructure Development from ADFIAP 2nd Vice Chairman Kao Thach (leftmost) and Chairman Saud Minam (2nd from left) during the ADFIAP Sustainable Awards held in Phnom Penh, Cambodia. (source: Development Bank of the Philippines)

The Development Bank of the Philippines (DBP) was recognized by an international body of development financing institutions for its financing facility geared toward improving the renewable energy sector.

The Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) awarded DBP for its Solar Merchant Power Plant (SMPP) Financing Program, which supports large-scale solar power developers and boosts investment in renewable energy projects.

The SMPP Financing Program supports solar power developers who sell electricity through the Wholesale Electricity Spot Market. It funds eligible projects, including the construction and expansion of facilities and the purchase of machinery and equipment.

“This latest acknowledgment from ADFIAP further motivates the men and women of DBP to continue working together in financing projects that help harness the country’s natural energy resources,” shared DBP President and Chief Executive Officer Michael O. de Jesus.

DBP is the 10th largest bank in the country by assets. It provides credit support to four key sectors: infrastructure and logistics, micro, small, and medium enterprises, environment, and social services and community development.

DBP expects the program to help meet the National Government’s goal of generating 15,304 megawatts of power from renewable energy sources by 2030, as outlined in the Philippine government’s National Renewable Energy Program.