United Holdings Power Corp. (UHPC) is seeking European suppliers for a P1.2-billion hydroelectric power project seen to help ease the power supply crunch in Mindanao.
The company has auctioned off the electro-mechanical equipment (EME) contract for the 8.4-megawatt (MW) Upper Maladugao hydropower plant in Bukidnon province and all the potential suppliers are European, business development officer Marti Sandino P. Espenido told reporters.
Proposals from Andritz, Wasserkraft, Global Hydro and WKV are being reviewed and the target for awarding is December, Espenido said.
Company president Dominic Sytin said his company was keen on having European suppliers as their hydroelectric power equipment were known for their quality and reliability.
Detailed engineering design has been completed. The engineering, procurement and construction (EPC) is scheduled for bidding next month.
For the EPC deal, UHPC is choosing among four potential contractors: Sta. Clara International, JV Angeles Construction, Meralco Industrial Engineering Services Corp. (Miescor) and Phesco Inc.
The project will be financed through 30 percent equity and 70 percent debt, for which UHPC Bukidnon Hydro Power I Corp., a unit of UHPC, has reached financial closure with BDO Unibank Inc.
Espenido said the EPC contract could be awarded as early as December and not later than January 2016.
The project is expected to be completed in early 2018, he said.