Philippine developer seeks loans for two hydro projects

Hedcor Inc. a hydro developer subsidiary of the Philippines’ Aboitiz Power Corp., seeks loans totaling 9.75 billion pesos (US$216 million) to fund construction of two hydroelectric projects.

Hedcor seeks the funding from Citibank and the Philippines’ SB Capital Investment Corp., according to a power supply agreement with Davao Light &Power Co. that Hedcor filed with the Energy Regulatory Commission for approval.

The funds would be used for two hydropower plants Hedcor is building in Davao del Sur Province, 42.5-MW Sibulan and 30.5-MW Tamugan-Suawan. (HNN 7/10/07)

Hedcor formally broke ground September 7 for construction of Sibulan on the Sibulan and Baroring rivers in Davao del Sur. Spanish engineering firm SOCOIN Ingenieria y Construccion Industrial S.L.U. won the US$23.9 million electro-mechanical contract for the project in June, while JV Angeles Construction Corp. received the US$56.3 million civil works contract.

Hedcor also received government approval to invest 2.8 billion pesos (US$59 million) to build the 19-MW Tamugan hydroelectric project in Davao del Sur, part of the two-plant 30.5-MW Tamugan-Suawan complex.

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