MANILA, Philippines - SN Aboitiz Power can now start its first major project under its Greenfield Development Program with the approval of its 350-megawatt (MW) hydroelectric power facility in Ifugao.
SN Aboitiz Power Inc. (SNAP)-Ifugao is a joint venture between SN Power of Norway and AboitizPower.
SNAP officially received from the Department of Energy (DOE) an approved renewable energy service contract (RESC) for an integrated hydropower complex composed of four facilities: the 100-MW Alimit plant, the 240-MW pumped storage facility, the 240-MW pumped storage facility, and the 10-MW Ollicon plant.
Energy Secretary Jericho Petilla said that the original certificate of registration would be released upon posting of the required performance bond. The contract term provides for 25 years from effective date on July 24 this year, renewable for another 25 years.
SNAP’s greenfield development program aims to grow the company’s renewable portfolio by looking at potential small and large hydro projects in the Philippines, primarily within its current host communities in northern Luzon.
It also supports the renewable energy program of the government to ensure security of supply.