Aboitiz Power subsidiary Hedcor Bukidnon has secured a loan worth about US$213.2 million to develop the 68.8-MW Manolo Fortich hydroelectric plant, according to a disclosure filed this week with the Philippine Stock Exchange.
The loan, made by a consortium of lenders led by BPI Capital Corporation, will help pay for Manolo Fortich’s development, construction, operation and maintenance.
The $280 million cascade project includes the 43.4-MW Manolo Fortich 1 and the 25.4-MW Manolo Fortich 2 — both of which are run-of-river plants that will use waters from the Tanaon, Amusig and Gulhean rivers.
Ground was broken on the plants in May. Hedcor said it expects the project to begin commercial operation by the end of 2017.
Aboitiz Power said the project is intended to benefit the region through a number of corporate social responsibility programs, including education, health, environmental and infrastructure improvements.
For more news from Asia, visit here.