The joint venture of Aboitiz Power Corp and Statkraft Norfund Power Invest AS of Norway has broken ground for a new hydropower project in the provinces of Ifugao and Isabela.
In a disclosure to the Philippine Stock Exchange, AboitizPower said unit SN Aboitiz Power-Magat Inc (SNAP-Magat) and the National Irrigation Administration have commenced with the improvement of the latter’s Maris Reservoir located between the said provinces.
The project aims to increase the storage capacity of the Maris Reservoir, which is used to irrigate nearby farmlands, and use the same for power generation subject to release protocols.
Emmanuel V. Rubio, SNAP president, earlier said the company aims to draw an additional 7 megawatts (MW) from the Maris Reservoir project, which is estimated to cost between $2.5 million and $3.5 million per MW to put up.
Work is scheduled to begin in January for completion by first quarter of 2016.
Read more: Interaksyon