THE National Electrification Administration (NEA) has provided P1.4 billion in loans to 43 electric cooperatives (ECs) for the first eight months of the year to bankroll their capital-expenditure projects.
Of the amount, P399 million went to nine ECs that applied for calamity loans.
Five ECs borrowed P344.5 million to finance their monthly shortfalls in the settlement of their power accounts with the generation companies (gencos) and the National Grid Corp. of the Philippines (NGCP).
Casureco I and Zamcelco, meanwhile, availed of the Stand-by Credit Loan Facility for power accounts totaling P298.156 million to strengthen their creditworthiness with gencos.
Three ECs in Mindanao—Moresco II, Aneco and Surneco—secured loans amounting to P207 million to procure modular generator sets, in anticipation of the shortfall of power supply in the island, especially during the summer months.
NEA said Moresco II is the top availer of the power agency’s loan facility with P131.6 million for the acquisition of five units of 2-megawatt capacity modular gensets.
“As part of NEA’s mandate, the agency has developed a credit-guarantee program and facility for the ECs. This is to establish a power-supply guarantee to secure the power purchase of qualified ECs in the Wholesale Electricity Spot Market, Interim Mindanao Electricity Market or under a bilateral contract with the gencos or the NGCP,” NEA officer in charge Sonia San Diego said.
The 47-year-old state-run agency has already extended P34.721 billion in loans to all 119 electric cooperatives nationwide to finance their rural-electrification projects.