In a statement, Landbank said it inked a loan deal with Cabanglasan Hydropower Corp. , a wholly-owned subsidiary of Tiu-led Repower Energy Development Corp. .The bank said the run-of-river hydropower plant will be developed on the Pulangi River in Barangay Lumbayao, Valencia City to sustainably improve the quality and reliability of energy supply in nearby cities and towns in Bukidnon.
“Through the years, Landbank has collaborated with REDC and its subsidiaries towards advancing clean, sustainable, and reliable sources of renewable energy. We actively support local projects that aim to secure a safe and sustainable future for the country, as part of our broader commitment to help build sustainable and resilient communities,” said Borromeo.
The stable energy supply is, likewise, expected to benefit Bukidnon’s local economy, particularly its tourism, agriculture, and industrial sectors, Landbank said.