The Land Bank of the Philippines (LANDBANK) has approved an P800-million financing package for Archipelago Renewables Corp. (ARC), according to a report by BusinessWorld.
The loan will fund the development of 16 hybrid renewable energy microgrids and a 175-kilometer distribution network in Palawan. The project is expected to supply electricity to approximately 7,100 households, more than 300 small businesses, and key community facilities.
The initiative supports the government's goal of expanding rural electrification through decentralized renewable energy systems, reducing reliance on fossil fuels and improving energy access in remote areas.