The annual power generation of plant is equal to consumption of 37,375 barrels of oil.
It will also provide additional source of income through clean development mechanism carbon credits estimated at $162,502 yearly.
The project will reduce about 11,409 tons of carbon dioxide per year. It will also replace 14% of the National Power Corporation’s supply to ORMECO which translates to reduced customer subsidies.
DBP President and Chief Executive Officer Reynaldo G David said “DBP’s assistance to this project underlines the Bank’s thrust of pushing for new and renewable energy sources that not only protect the environment through reduced greenhouse gas emissions but are also cheap and sustainable,” he said.
The project will benefit the residents of San Teodoro, Oriental Mindoro, a 4th class municipality located in the northwestern part of the province and its neighboring areas, David said.
