Landbank, German lender makes loans available for green energy projects
02/20/2009 | 06:54 PM
MANILA, Philippines - The Land Bank of the Philippines (LBP) and Germany’s Kredistanstalt fur Wiederaufbau (KfW) agreed to lend a total of P1.2 billion, allowing priority sectors to undertake “green" energy projects.
Under Land Bank’s Credit Line for Energy Efficiency and Climate Protection (Cleecp), the lender’s priority sectors – including small farmers, fishers, small and medium-sized businesses – will be allowed to borrow low-interest, 10-year loans to implement clean energy projects.
Besides private sector companies, other borrowers include sole proprietorships, partnerships, and corporations which are at least 70 percent Filipino-owned, cooperatives, and associations, the lender said in a statement.
Local government units and government-owned and controlled corporations are also qualified to borrow under the Cleecp, the bank said.
The loan covers projects involving the reduction of primary energy (e.g. diesel, coal, gas) consumption and direct greenhouse gas emissions (replacement, retrofitting, or energy efficient modernization of CFC, HFC and HCFC chillers); installation or energy efficient modernization of biomass cogeneration facilities; and replacement or energy efficient modernization of machinery and equipment powered by primary energy resources.
The loan facility is available nationwide with at least 50 percent of the overall loan amount targetted for projects in the Visayas and Mindanao.
“We are pleased to partner with KfW on this project that will help address the effects of climate change. This is in line with Landbank’s priority program for energy efficiency and environmental protection," Landbank president and chief executive officer Gilda E. Pico said. - GMANews.TV
Under Land Bank’s Credit Line for Energy Efficiency and Climate Protection (Cleecp), the lender’s priority sectors – including small farmers, fishers, small and medium-sized businesses – will be allowed to borrow low-interest, 10-year loans to implement clean energy projects.
Besides private sector companies, other borrowers include sole proprietorships, partnerships, and corporations which are at least 70 percent Filipino-owned, cooperatives, and associations, the lender said in a statement.
Local government units and government-owned and controlled corporations are also qualified to borrow under the Cleecp, the bank said.
The loan covers projects involving the reduction of primary energy (e.g. diesel, coal, gas) consumption and direct greenhouse gas emissions (replacement, retrofitting, or energy efficient modernization of CFC, HFC and HCFC chillers); installation or energy efficient modernization of biomass cogeneration facilities; and replacement or energy efficient modernization of machinery and equipment powered by primary energy resources.
The loan facility is available nationwide with at least 50 percent of the overall loan amount targetted for projects in the Visayas and Mindanao.
“We are pleased to partner with KfW on this project that will help address the effects of climate change. This is in line with Landbank’s priority program for energy efficiency and environmental protection," Landbank president and chief executive officer Gilda E. Pico said. - GMANews.TV
