Terasu Energy raises P1.65B loan for solar power plant

The countries of Southeast Asia are particularly vulnerable to the impacts of climate change

LEVISTE-led Terasu Energy Inc. (TEI) has raised P1.65 billion in fresh funds through a loan with state-run Development Bank of the Philippines (DBP).

In a statement on Friday, TEI said the proceeds will be used to finance the construction of a 40-megawatt (MW) solar power plant in Concepcion, Tarlac. It partnered with Singapore-based Sindicatum Renewable Energy to ensure that latest trends, policies, and programs on renewable energy development will be attained.

“DBP has always been enormously responsive in addressing our needs, we have two more projects in the pipeline, and we hope to come back to DBP to request support for our continued growth,” TEI president Jose Leviste Jr. said.

For its part, DBP said that it will continue to support renewable energy projects through the granting loans to renewable energy developers.

“We are especially enthusiastic about this partnership, as it can significantly contribute in the attainment of the Philippine Development Plan of increasing the share of our country’s renewable energy sources in the global energy mix while contributing to the greater effort of reducing our carbon footprint,” DBP president and chief executive officer Emmanuel Herbosa said.

For his part, Sindicatum president Robert Eugene Driscoll said: “The countries of Southeast Asia are particularly vulnerable to the impacts of climate change, and through this partnership, we hope to communicate our commitment to sustainable development and devote ourselves in mitigating the impacts of climate change and therefore improve the lives of ordinary citizens.”