Philippines: New $800-M hydro plant to be put up in Bukidnon

Philippines: New $800-M hydro plant to be put up in Bukidnon

A new hydropower plant worth $800 million will developed in Bukidnon to add
250 megawatts (MW) capacity in Mindanao by 2021.

The power project will be developed by Pulangui Hydro Power Corp., which
signed a memorandum of understanding (MoU) with First Bukidnon Electric
Cooperative Inc. (Fibeco) to kick off the construction of the 250-MW
Pulangui 5 hydropower plant.

Fibeco will be part owner of the power plant, with shares of stock under
negotiation, said National Electrification Administration (NEA) chief
Edgardo Masongsong.

"The construction of Pulangui 5 is in line with the thrust of the NEA to
generate greater efficiencies in the power distribution system of the
electric cooperatives," he said.

"Revenues from the project will contribute to the reduction of power rates
for electricity consumers in the franchise of the EC," Masongsong said.

"The construction of Pulangui 5 will be the beginning of the realization of
our goal to jumpstart economic activity in Mindanao and ensure sustainable
power supply for the country," he added.

According to the NEA chief, the agency and its partner electric cooperatives
are actively involved in securing investments in power plant projects "not
only to address our growing energy requirements, but also to achieve the
social and economic change envisioned by President Duterte for the country."

The Pulangui 5 hydropower plant is among the investments President Duterte
brought home when he visited China last October.

A memorandum of agreement was signed between Greenergy Development Corp. and
Power China Guizhou Engineering Corp. for the development of the Pulangui 5
Hydro Project, which initially had 300 MW in capacity worth $1 billion.

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Link to Original Article:
http://www.philstar.com/business/2017/03/12/1680127/new-800-m-hydro-plant-be
-put-bukidnon

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com