Aboitiz unit secures DOE nod for hydro deal
SN Aboitiz Power Group (SNAP) is set to undertake its first major greenfield project—a 350-megawatt (MW) hydroelectric power facility in Ifugao province.
SNAP has officially received from the Department of Energy (DOE) the approved renewable energy service contract for an integrated hydropower complex made up of three facilities: the 100-MW Alimit plant, the 240-MW pumped storage facility, and the 10-MW Olilicon plant.
Under the contract, SNAP may operate the facility for 25 years, from the effective date of July 24, 2014. It will also have the option to renew for another 25 years.
The integrated facility, SNAP said, is the first greenfield project of the joint venture. The overall project falls under the Greenfield Development Program and is being developed under subsidiary SNAP-Ifugao.
The original Certificate of Registration signed by Energy Secretary Jericho Petilla will be released upon the posting of the required performance bond, the firm said.
“SNAP’s Greenfield Development Program aims to grow the company’s renewable portfolio by looking at potential small and large hydropower projects in the Philippines, primarily within its current host communities in northern Luzon. It also supports the renewable energy program of the government to ensure security of supply,” the company said.
SNAP currently operates hydro facilities acquired from the government. SNAP’s existing assets include the 380-MW Magat plant straddling the provinces of Isabela and Ifugao; the 105-MW Ambuklao hydro power plant in Bokod, Benguet; and the 124-MW Binga hydro power plant in Itogon, Benguet.
Another SNAP subsidiary, SNAP-Nueva Ecija, is set to develop three projects that may provide Luzon up to 370 MW in additional capacity. These are the 10-MW Lamut hydro project, the Mayoyao hydro project that has a rated capacity of up to 120 MW, and the 240-MW Lagawe hydro project.
SNAP is a joint venture between Norway’s SN Power, and Aboitiz Power Corp., the holding company for the Aboitiz Group’s investments in power generation and distribution.
