By Juzel L. Danganan
MANILA, June 18 (PNA) – The Department of Energy (DOE) granted Aboitiz Power Corp. the registration certificate for the 45-megawatt (MW) Nalatang B hydroelectric project to be put up in Kabayan, Benguet.
With the certificate, Aboitiz can now start the pre-development stage of the project.
Aboitiz Power will spend some Php 5 billion to develop the project, which was earlier under PNOC-RC hydropower service contract.
”The Department of Energy (DOE) awarded the Certificate of Registration to AboitizPower following the approval of the assignment of the Hydropower Service Contract of the Nalatang Project from – the original RE developer – PNOC-RC,” Aboitiz said in a disclosure with the Philippine Stock Exchange (PSE) Thursday.
The power firm targets to complete the project’s construction by the first quarter of 2019.
Aboitiz Power Chief Financing Officer (CFO) Manuel Lozano told PNA the project was estimated to cost Php 5 billion, but stressed the amount might still change.
”The project is estimated to cost about Php 5 billion. But, there are still some work to be done before costs are finalized,” he said in a text message Thursday.
Last week, PNOC-RC bared it would develop a 40-MW hydroelectric project with Aboitiz Power, with the latter taking the majority stake. (PNA)