ABOITIZ Power Corp. said on Tuesday it plans to triple the combined capacity of its Bineng hydro power plant facilities in La Trinidad, Benguet to as much as 19 megawatts (MW) by 2019 after receiving the approval of the municipal council.
According to AboitizPower, its renewable energy arm Hedcor will increase the capacity of the three plants under the Bineng combined hydropower project from the current 5.48 MW to 19 MW by 2019.
Hedcor and the local government unit of La Trinidad signed on June 27 a memorandum of agreement on the project, which also spells out the benefits for the locality.
Since its entry in Benguet in 1986, Hedcor has continued to expand. Starting from the rehabilitation of four hydroelectric power plants owned by Baguio City, the company later on constructed its own generation facilities in the municipalities of La Trinidad, Sablan, Tuba, Bakun, and Itogon.
Hedcor and AboitizPower are also strong partners in the socioeconomic development of the community. In 2016, the La Trinidad local government unit received about P77 million as its barangay (village) and municipal share from the operation of the hydropower plants. In addition, Hedcor’s business tax, real property tax, and national wealth tax in 2016 reached P67 million.
The municipality of La Trinidad has also received corporate social responsibility (CSR) projects worth P13 million to date. These projects include farm-to-market roads, school buildings, and loans to cooperatives involved in the cut flower business.
Barangay Bineng started cut flower production in early 1990s when it had steady access to electric power, which is needed for greenhouses. Today, Bineng is one of the largest producers of cut flowers in Benguet.
AboitizPower and its partners have a net sellable capacity of more than 1,200 MW from its renewable energy portfolio of geothermal, hydro, and solar power plants located all over the country. The company is also constructing the 69-MW Manolo Fortich run-of-river hydro project in Bukidnon and the 8-MW Maris Canal hydro project in Isabela. Soon, it will commission its first biomass power plant through subsidiary Aseagas in Batangas.
In a disclosure to the local bourse, AboitizPower said that, through its wholly owned subsidiary, AboitizPower International Pte. Ltd. (AP International), it has signed a compromise agreement with SunE Solar B.V. (SunE Solar).
Under the agreement, AP International will acquire the entire issued and outstanding shares of SunE Solar in Sunedison Philippines.
AboitizPower, which already owns 60 percent of Maaraw and the 59-MW San Carlos Sun Power, Inc. solar power project in San Carlos City, Negros Occidental through Aboitiz Renewables Inc., will increase its ownership to 100 percent.