By Juzel L. Danganan
MANILA, May 17 (PNA) — First Gen Mindanao Hydro, a subsidiary of First Gen Corporation, has allocated USD 500 million for the development of its hydro projects.
“First Gen will allocate USD 500 million for the hydro projects,” President and Chief Operating Officer (COO) Giles Puno told reporters.
He added the allocation will initially be for its hydro projects in Mindanao.
Last November, Puno said First Gen will prioritize its Bubunawan project in Bukidnon, with a target to start construction by the second half of next year. It is estimated to cost Php 100 million.
Puno has also noted three hydro-power projects in the Mindanao area, the 20-MW Tagoloan in Bukidnon, the 30 MW Puyo in Agusan del Norte and the 14 MW Cabadbaran in Agusan del Norte.
All the projects was given a certificate of commerciality by the Department of Energy (DOE). (PNA)