MANILA, Philippines--The Department of Energy will soon award 12 service contracts for hydro power development projects, seven of which were applied for by Lopez-led First Gen Mindanao Hydro Power Corp.
Data from the DOE showed that First Gen Mindanao plans to put up in Bukidnon and Agusan provinces seven hydro power projects with a combined capacity of 98 megawatts.
Its applications are currently under review.
Should First Gen pursue the projects, investments in these ventures may reach as much as $245 million or about P11.27 billion.
This is based on the general rule that it costs about $2.5 million to produce a megawatt of power from hydro resources.
Specifically, First Gen plans to put up the 30-MW Puyo River project in Jabonga, Agusan del Sur, and the 14-MW Cabadbaran River project in Cabadbaran, Agusan del Norte.
The company also targets to put up in Bukidnon the 8-MW Bubunawan River project in Baungon and Libona; 8-MW Tumalong River project in Baungon; 20-MW Tagoloan River project in Impasugong and Sumilao; 8-MW Cagayan River 1 project in Talakag; and 10-MW Cagayan River 2 project in Talakag.
Meanwhile, the DOE is also considering awarding a service contract to Nascent Technologies Corp., which plans to put up a 0.4-MW Barit Irrigation Discharge project in Buhi, Camarines Sur.
Another firm awaiting approval of its four service contract applications was AV Garcia Power Systems Corp.
AV Garcia has a 1-MW Abdao River project in Tabaan Sur, Tuba, Benguet.
The company also has a 1-MW Amlusong Creek project in Eastern Barangay, Sagada; 1-MW Chapin-Ay Creek project in Barangay Ogo-og and Lunas, Kadaclan Barlig; and another 1-MW Sandangan project in Poblacion, Sadanga, all in Mt. Province.