AboitizPower Corp. may now begin development of a 45-megawatt (MW) hydroelectric power plant project in Kabayan, Benguet after it secured regulatory approval from the Department of Energy (DOE).
In a disclosure to the Philippine Stock Exchange (PSE) on Thursday, AboitizPower said it has received a Certificate of Registration from the DOE as a renewable energy (RE) developer for the 45-MW Nalatang B hydropower project.
With the issuance of the said certificate, AboitizPower or its assignee may now start on the pre-development stage of the Nalatang Project.
AboitizPower, the power arm of Aboitiz Equity Ventures Inc. (AEV), said the project is expected to be completed in the first quarter of 2019.
The Nalatang B project was awarded by state-owned PNOC Renewables Corp. (PNOC RC) through a contractual joint venture scheme.
Under the scheme, PNOC RC awarded the service contract to AboitizPower, which will be primarily responsible for the development and construction of the hydro power plant.
PNOC RC earlier said that the hydropower project has an estimated cost of $61 million.
AboitizPower is the holding company for the Aboitiz Group’s investments in power generation, distribution, retail and power services. It has several hydroelectric and geothermal assets in its generation portfolio and also has non-renewable power plants located across the country.
The company also owns distribution utilities that operate in high-growth areas in Luzon, the Visayas and Mindanao.