The Department of Energy (DOE) has approved the application of SN Aboitiz Power Corp to put up in Ifugao province an integrated hydropower complex with a combined capacity of 350 megawatts
SN Aboitiz said DOE signed a renewable energy contract for three hydropower plants, which they will put up in the municipalities of Lagawe and Mayoyao.
The contract, which will took effect on July 24 last year, is for 25 years and renewable for another 25 years, SN Aboitiz said.
SN Aboitiz is a joint venture between Aboitiz Power Corp. and SN Power of Norway. The facilities will be developed under unit SN Aboitiz-Ifugao (SNAP-Ifugao).
The project is composed of three hydropower plants namely the Alimit Hydroelectric with 100MW target capacity, Olilicon Hydroelectric with10 MW, and Alimit Pumped-Storage Hydroelectric with 240MW.
The original certificate of registration would be released upon the posting of the required performance bond, the company said.
It said the company is determined to strengthen its renewable portfolio by looking at potential small and large hydro projects in the country particularly within its current host communities in northern Luzon.
SN Aboitiz also owns the 360-megawatt Magat hydro power plant, 125.8-MW Binga and 104-MW Ambuklao hydro power plants, which were acquired from the government.
SN Aboitiz acquired the Ambuklao-Binga with a $325-million bid. It won the bid for the Magat hydro power plant with $530 million offer.