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Philippines-based renewable energy producer Sunwest Water and Electric Company (Suweco) has secured PHP1bn ($24.1m) credit facility from BDO Unibank for its 8MW hydropower project.
The run-of-river Villasiga hydropower plant located in Barangay Igsoro, Bugasong in the province of Antique is estimated to cost PHP1.6bn ($38.69m), according to manilastandardtoday.com.
Nearly 85% of the project has been completed with power generation expected to commence in October 2013. It will have an annual production rate of 31.4MWh.
Suweco stated that the Villasiga hydro project is on the back of federal government’s efforts to boost the renewable energy sources to 50% in the next 15 years from the current 20%.