SN Aboitiz Power Group (Snap) expects to start in August pre-construction work for a 390-megawatt hydropower complex in Ifugao, with a price tag of at least P23 billion, after securing the go-ahead from all local government units involved.
Snap president and chief executive Joseph Yu said in an interview the two-phase project would take four years to build.
The first phase, which is expected to cost between $450 million and $550 million, entails the construction of the 120-megawatt Alimit Plant and the 20-MW Olilicon Plant. Phase 2 involves construction of the 250-MW Alimit pump storage facility.
A joint venture of SN Power of Norway and Aboitiz Power Corp., Snap owns and operates the 360-388 MW Magat hydro on the border of Isabela and Ifugao and the 8.5-MW Maris hydro in Isabela, as well as the 105-MW Ambuklao hydro and 140-MW Binga hydro, both in Benguet.
“There’s a lot of activity going on here and in Oslo (Norway),” Yu said. “We’re hoping to get approval to go ahead with preconstruction, which includes the tendering process for the building of the Alimit project.”
Earlier this month, Snap signed a framework agreement with the municipal government of Lamut, which has also issued a resolution that endorsed the Alimit hydro project.
The agreement with the Lamut town council adds to similar agreements with the respective town councils of Aguinaldo, Lagawe and Mayoyao.
The agreements outline the cooperation, collaboration and obligation between and among Snap as project proponent and the municipalities as hosts during the development and operation phase of the project.
Last week, Snap-Magat Inc. switched on a P24-million 200-kilowatt floating solar installation at the Magat Dam.
Yu said if the pilot would turn out successful, Snap could scale up the project to 20 MW although the Magat Dam has a potential to accommodate up to 50 MW.