Aboitiz Power Corp President (AP), Erramon Aboitiz, announced the latest project of AP which is the P6B Tamugan-Suawan hydro project in Mindanao. Target completion date is 2010. Funding for the project will come from borrowings from financial institutions (70%) while the remaining 30% will come from the company’s coffers.
AP went on an IPO last year in the Philippine Stock Exchange. Looking at AP’s corporate profile at the PSE, AP’s electricity generating interests are focused in the renewable energy sector (they did announce that they were aiming to be tops in clean energy), mainly in thermal and hydro plants.
The list of Hyrdro plants in their stable right now includes [source]:
- 70-MW Bakun Hydro plant in Luzon, in a JV with Pacific Hydro Limited of Australia
- The recently acquired 360MW Magat Dam
- 11 new and 3 rehabilitated mini hydro plants, run by HEDCOR.
- 175-megawatt Ambuklao-Binga hydroelectric complex in Benguet
They are also developing the 42MW Sibulan Hydro power plant in Mindanao which is slated to be finished by next year. They are also planning to bid on the 246-MW Angat hydroelectic plant.
Mr. Aboitiz also said that the power purchase agreements for the Tamugan and Sibulan Hydro Electric plants approved by the Energy Regulatory Commission is unique because it exempts them from foreign exchange adjustments with the purchase currency of electricity being in pesos rather than dollars. This will allow for cheaper electricity to be fed to the City of Davao. The price of purchase will be P4/kw and is inclusive already of transmission costs.
It has to be noted that Aboitiz Power Corp also owns the electricity distribution rights to the city of Davao via their subsidiary, Davao Light and Power Corp.
Category: Hydro, Clean Energy
