DBP grants P185-M loan for plant
STATE-RUN Development Bank of the Philippines ( DBP) has granted a P185-million term loan to FDR Group of Companies to build and operate a dry anaerobic digester (DAD) biogas plant in the country.
In a statement, DBP said the biogas plant — the first of its kind to be set up in the country — will produce electricity using the biodegradable fraction of the mixed municipal solid waste that FDR Group collects and treats from its local government service areas.
“As part of its commitment to support projects with both high social and environmental impacts, DBP will finance installation of the biogas plant, composting building and other major facility upgrades,” the state-run bank said.
The DAD biogas plant is a registered project under the Department of Energy’s Renewable Energy Program that will help complete the organic waste cycle while harnessing renewable energy. FDR Group is building the plant in technical partnership with IUT GmbH, a company based in Austria with more than thirty years of experience in waste management. The plant will be commissioned in 2016.
DBP had previously partnered with FDR Group for its previous installations in material recovery and alternative fuel production, which are part of its existing waste processing facility in the City of Naga, South of Cebu.
The state- run bank’s priority areas in lending include infrastructure and logistics, social services, protection of the environment, as well as micro, small and medium enterprises.
DBP’s net income grew 19% to P2.349 billion in the first half from the same period last year on the back of the continued expansion of its main businesses. The bank said it is on track to meet its full-year profit target for 2015. —