The Philippine National Bank (PNB) has authorised a PHP2.4 billion loan to finance the development of a proposed 12 MW hydropower plant located in the Bukidnon province. The Mangima hydropower project will be developed under a partnership between Philnew River Power Corporation (PRPC) and Green Renewable Holdings Corporation (GRHC). The plant is expected to commence commercial operations in 2024. Once completed, the hydroelectric plant will generate 64.12 GWh of renewable energy (RE) per year.
The greenfield hydropower project is part of the local Government of Bukidnon’s target of being a sustainable, energy-secure and RE-powered province.