The joint venture of INTPOW member SN Power and Aboitiz Power Corp will develop a greenfield hydroelectric project in Ifugao province in the Philippines, which will generate 350 MW, after receiving authorisation from the energy department.
AboitizPower said in a statement on Friday that SN Aboitiz Power Group (SNAP) "recently confirmed that it has officially received from the Department of Energy (DoE) the approved and signed renewable energy service contract for an integrated hydropower complex." The power complex will include the 100-MW Alima plant, a 240-MW pumped storage facility, and the 10-MW Olilicon plant. These projects will be developed by SNAP-Ifugao on a site straddling the municipalities of Mayoyao and Lagawe.
"The original certificate of registration signed by DoE Secretary Jericho Petilla will be released upon the posting of required performance bond," the statement read. "The contract term provides for 25 years from effective date on July 24, 2014, renewable for another 25 years," it added. The project will be under SNAP’s Greenfield Development Program, which is intended grow the company’s renewable energy portfolio by exploring potential hydro projects in the Philippines, primarily in Northern Luzon. All of SNAP’s currently projects were formerly owned by the national government. The company bagged the 360-MW Magat hydropower plant in Ramon, Isabela after posting the winning offer of $530 million. It also operates the Ambuklao-Binga hydroelectric complex in Benguet, which was privatised for $325 million. The facility consists if the 105-MW Ambuklao plant in Bokod town and the 132-MW Binga plant in Itogon.
Source: BusinessWorld Online