The government-owned Land Bank of the Philippines handed over P2.6 billion to fund the hydropower plant project in Bukidnon.

Landbank signed the contract with Cabanglasan Hydropower Corp., a subsidiary of Repower Energy Development Corp. (REDC).

“Through the years, Landbank has collaborated with REDC and its subsidiaries toward advancing clean, sustainable, and reliable sources of renewable energy,” Landbank president and chief executive Cecilia Borromeo said.

The billion budget will partially finance a 15-megawatt hydropower plant that will be developed in Pulangi River in Barangay Lumbayao in Valencia City.

This aims to supply power to 130,000 households in 15 municipalities of Bukidnon and is expected to be finished by 2025.

The project will aid tourism, agriculture, and the industrial sector of the said province.