Pulangui Hydro Power Corp. signed a memorandum of understanding (MOU) with First Bukidnon Electric Cooperative Inc. (FIBECO) for the construction of the new Pulangui 5 hydro power plant.
National Electrification Administration (NEA) chief Edgardo Masongsong, who witnessed the signing, said FIBECO will be a part owner of the plant and is currently negotiating its shares of stock.
“The construction of Pulangui 5 is in line with the thrust of the NEA to generate greater efficiencies in the power distribution system of the electric cooperatives,” Masongsong said.
“Revenues from the project will contribute to the reduction of power rates for electricity consumers in the franchise of the EC,” he added.
The project is part of the investments President Rodrigo Duterte was granted during his visit in China last year. It is expected to be completed in 2020 or 2021 and will ensure power supply in the country.
Greenergy Development Corp. and Power China Guizhou Engineering Corp. signed a memorandum of agreement (MOA) for the development of the Pulangui 5 Hydro Project, which initially had a 300 MW capacity worth $1 billion.
source: http://powerphilippines.com
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