(The Philippine Star) | Updated November 21, 2016 - 12:00am
MANILA, Philippines –
Angat Hydropower Corp. (AHC), co-owned by SMC Global Power Holdings Corp. of
the San Miguel Group and Korea Water Resources Corp. (K-Water), is rolling out
a $50-million upgrade of the 218-megawatt (MW) Angat Hydroelectric Power Plant
(AHPP) in 2017.
AHC president and CEO
Geung Jeon Han said the planned rehabilitation would improve the efficiency of
the nearly 50-year old power plant.
“We have studied to
rehabilitate the power plant and including the overhauling of the power plant
and some units,” he said.
While capacity will
remain at 218 MW, Han said efficiency of the plant “will naturally increase”
after the rehabilitation.
AHC is looking to
invest $50 million for the project, which will be started next year lasting
seven years, the company official said.
Currently, the company
is in discussions with local and international banks for financing.
“We prepare for financing with Filipino banks
and other international banks. We are already processing. Hopefully, the end of
this year or January next year it is finalized already,” Han said.
K-Water won the auction
for the Angat HEPP on April 28, 2010 but was only officially awarded by Power
Sector Assets and Liabilities Management Corp. (PSALM) in 2014 after the
Supreme Court upheld the legality and validity of the conduct of the bidding
process.
In June 2015, SMC and
K-Water sealed their partnership to rehabilitate Angat Dam and the 218-megawatt
Angat Hydroelectric Power Plant (AHPP).
AHC has earlier this
month started the P1-billion Angat Dam rehabilitation project to improve the
stability of the facility especially during natural calamities such as stronger
earthquakes.
A concrete water
reservoir embankment hydroelectric dam, the 47-year-old Angat Dam
supplies more than 90 percent of Metro Manila’s water requirements.
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