By Alena Mae S. Flores Posted on Mar. 18, 2013 at 12:00am
Renewable energy developer Isabela Power Corp. plans to construct hydroelectric power projects costing $150-million in Isabela within the year, once AlloyMTD Group of Malaysia agrees to participate in them.
Isabela Power president Alberto Rodriguez told reporters negotiations were still ongoing with AlloyMTD for the 54-megawatt power projects. He said previous negotiations hit a snag because the parties “were not able to agree on certain items.”
Isabela Power, together with Greenpower Resources Corp., signed an agreement last year with MTD Philippines to build nine mini-hydropower plants in Isabela.
The signing was held in Malaysia in June last year during the Philippines-Malaysia Investment Partnership Forum. Rodriguez said he was optimistic AlloyMTD would pursue its investment in the Isabela hydro projects.
AlloyMTD, an infrastructure conglomerate based in Malaysia, has committed to invest more than P20 billion for projects in the Philippines, including power generation. source
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