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March 05, 2024

LandBank approached by Napocor for P10 Billion credit facility to ensure uninterrupted power supply in off-grid areas

Land Bank of the Philippines (LandBank) is being approached by the state-run National Power Corporation (Napocor) for a P10 billion credit facility to ensure uninterrupted power supply in off-grid areas.

The loan is expected to be secured by August or September.

The move comes in response to the potential power outages in missionary areas due to the shutdown of diesel plants and insufficient funds for fuel expenses and subsidies, prompting Napocor to explore borrowing options to bridge the funding gap.

Furthermore, Napocor is working on a long-term sustainability plan that includes the hybridization of power plants and the adoption of renewable energy resources in collaboration with the private sector.

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