FIRST GEN UNIT BAGS TAX PERKS

Manila Times.net

THE Board of Investments (BOI) has granted tax and other incentives to a renewable energy project of First Gen Corp. in Bukidnon province.

In a statement, the BOI said it approved the registration of FG Bukidnon Power Corp.’s (FGBPC) P106-million hydroelectric power plant project in Barangay Damilag, Manolo Fortich, Bukidnon.

“This will ensure a stable supply of electricity within the underlying areas and a welcome relief for the environment in lieu of the usual coal-fired plants that make up the bulk of power generators in Mindanao,” Department of Trade and Industry Secretary and BOI Chairman Gregory Domingo said.

FGBPC, a wholly owned subsidiary of First Gen, would operate the 1.6-megawatt plant located within a 13,959-hectare area.

First Gen in 2004 won the bidding for the plant, which was commissioned and constructed by state-owned National Power Corp. in 1957.

The run-of-river mini-hydro plant, which is composed of two 800-kilowatt turbine generators, will use water from the Agusan River to generate electricity, according to First Gen’s website.
The power to be generated will be supplied to Cagayan Electric Power and Light Co. Inc., with which FGBPC has a supply contract until May 2025.

The project qualified for perks under Republic Act 9513 or the Renewable Energy Act of 2008.
First Gen shares fell to P14.48 apiece on Thursday from P14.52 the day before. Ben ARNOLD O. DE VERA