SUWECO2 borrows P1B from BDO

Manila Bulletin
By James A. Loyola Published: April 29, 2013
Sunwest Water and Electric Co. II (SUWECO2) and Banco De Oro (BDO) recently concluded a P1 billion project financing for the development of the 8.0MW Villasiga Hydropower project in Barangay Igsoro, Bugasong, Antique.
To be the first hydropower plant in Panay Island, the project is a run-of-river renewable energy type of power development that will optimize the potential use of the main Paliuan River to generate power.
The Villasiga project entails about P1.6 billion in investments with a potential annual energy generation of 31,479,070 Kwh.
Currently, the Villasiga project is about 85 percent completed and is expected to generate additional 31.4Gwh starting October this year.
SUWECO2 said the establishment of the Villasiga hydropower project is a response to the government’s call to increase the estimated current energy supply of the country from renewable sources from the current 20 percent to 50 percent in the next 15 years.
“The Villasiga project is considered a critical infrastructure that will help ease the power shortage currently being experienced in the Panay Island,” said Antique governor Exequiel Javier.
Endorsed by the Regional Development Council as early as in 2006, the Villasiga-1 Hydropower Plant is one of the priority renewable energy projects of the region.
“It is consistent with the thrusts and priorities of the Regional Development Plan of Western Visayas for 2011-2016 and the Regional Development Agenda for 2010-2020 (Western Visayas: The Country’s Front-Runner in Bio-Fuels and Renewable Energy Mix),” said RDC vice chairman and NEDA Regional Director Ro-Ann Bacal.
Bacal added that “it is expected to stabilize power voltage in Antique, as well as reduce the region’s dependency on imported fuel resulting to lower fuel costs.”  source