President & CEO Reynaldo G. David said the agreement represents a major step in the Bank’s Clean Development Mechanism (CDM) activities and underlines its key role in the global Climate Change Program initiative.

The three projects are the Cantingas plant which is owned and operated by Romblon Electric Cooperative Inc; the Hinubasan power plant owned and operated by the municipality of Loreto, Dinagat Island; and Sevilla mini-hydro power plant owned and operated by Bohol Electric Cooperative (BOHECO) I, with the municipality of Sevilla, Bohol as co-owner. The three projects are expected to reduce emission of about 111,000 tons of carbon dioxide during the first seven-year crediting period.

The emission reduction purchase agreement was facilitated by CarbonAided, Ltd. of London, which DBP tapped in 2008 as financial manager and agent in the sale of carbon credits of the three projects.

DBP is currently working on the registration of the projects with the United Nations Framework Convention on Climate Change CDM Executive Board in Bonn, Germany.