Aboitiz Power secures new 45-MW hydro contract.
A new renewable energy certificate of registration has been bestowed on Aboitiz Power Corporation for potential hydropower development of the 45-megawatt capacity in Benguet province.
This was following the Department of Energy's approval of the re-assignment of the proposed facility's hydropower service contract that was originally held by the state-run Philippine National Oil Company-Renewables Corporation.
The proposed Nalatang B hydro plant is to be sited in the municipality of Kabayan; and such could be a valuable addition to the growing hydropower portfolio of the Aboitiz group.
"DOE awarded the certificate of registration to Aboitiz Power following the approval of the re-assignment of the hydropower service contract," the listed firm has noted.
The company added that "with the issuance of the certificate of registration, Aboitiz Power or its assignee can now start on the pre-development stage of the Nalatang project." The plant is targeted on stream by the first quarter of 2019.
No further details though were given by the Aboitiz group as to which of its two hydro subsidiaries will eventually be involved in the project.
Aboitiz Power has been developing array of hydropower-based energy facilities either via its Hedcor subsidiary or its joint venture firm with a Norwegian firm - the SN Aboitiz Power Inc.
The most anticipated addition to its commercially-operating hydro assets this year will be the 14MW Sabangan hydropower plant in Mountain Province undertaken by Hedcor.
The group's 69-MW Manolo Fortich hydropower project, undertaken by the same subsidiary, is also at full-swing construction phase. The facility will have two cascading plants and project cost had been pegged at P12.5 billion.
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|Title Annotation:||Business News|
|Date:||Jun 18, 2015|
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