Philippine firm to build two hydropower plants
Oriental Energy and Power Generation Corporation will invest some US$95 million to build two hydropower projects in the southern regions of the Philippines.
The company plans to begin construction of an 18 megawatt hydropower plant worth US$60 million in the province of Aklan in the Visayas region, and a US$35 million 10MW hydropower project in Cagayan de Oro on Mindanao Island.
President Caroline Tanchay said the company intends to proceed with the construction of these run-of-river facilities by 2013 despite the absence of feed-in-tariff rates for renewable energy. She said the price of power to be generated will be based on market prices.
She noted that renewable energy projects are more viable today due to the availability of financing.
Oriental Energy is also considering building hybrid diesel and hydro facilities in remote Philippine islands that are connected to the grid or areas covered by the National Power Corporation.