In a simple ceremony held at the Power Sector Assets and Liabilities Management Corporation (PSALM) office in Makati, control of the 75-megawatt Ambuklao and 100-MW Binga Hydroelectric Power Complex was turned over yesterday to SN Aboitiz Power Benguet Inc. (SNAP Benguet). On hand to accept the “Keys” to the power plant was Aboitiz Equity Ventures Executive Vice President and Chief Operating Officer Erramon I. Aboitiz.
SNAP Benguent is a joint venture between Aboitiz Group of Cebu and Norway’s SN Power. They will be using Carbon Credits sold via the Kyoto Protocols Clean Development Mechanism (CDM) to fund the rehibilitation of the plant.
One of the requirements of SN Aboitiz in winning the bid, is to rehabilitate the Ambuklao plant and make it operational to 65 MW minimum within seven years from the day it was turned over to them.
SN Aboitiz won the two plants with a bid of $325M last November 28, 2007. SN Aboitiz will pay at least 40% of its bid which will be used by the government to pay up the National Power Corporation’s debts, as specified in the Electric Power Industry Reform Act.
The list of Hyrdro plants operated by Aboitiz Power Corp’s includes:
- 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 and 40 MW Tamugan-Suawan 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.
A little history of the two hydro electric plants:
The country’s first and second hydroelectric power plants, respectively, the Ambuklao-Binga power facilities run along the upper portion of Luzon’s longest waterway, the Agno River. Binga, which is located in Itogon, Benguet, lies 19 kilometers downstream of the Ambuklao plant in the Bokod town of the province.
Construction of the Ambuklao plant was completed in December 1956. Ambuklao’s three 25-MW generating units have been under preservation by the National Power Corporation since 2000. At present, the release of water from the Ambuklao Dam is being regulated for use by the Binga hydro plant.
The Binga plant consists of four 25-MW generators that were commissioned in 1960. It can operate as a base-load plant when the water level is high and as a peaking plant when the water level is low. It can also provide ancillary services.
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Category: Hydro
