New $800-M hydro plant to be put up in Bukidnon

MANILA, Philippines -  A new hydropower plant worth $800 million will developed in Bukidnon to add 250 megawatts (MW) capacity in Mindanao by 2021.

The power project will be developed by Pulangui Hydro Power Corp., which signed a memorandum of understanding (MoU) with First Bukidnon Electric Cooperative Inc. (Fibeco) to kick off the construction of the 250-MW Pulangui 5 hydropower plant.

Fibeco will be part owner of the power plant, with shares of stock under negotiation, said National Electrification Administration (NEA) chief Edgardo Masongsong.

“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,” he said.

“Revenues from the project will contribute to the reduction of power rates for electricity consumers in the franchise of the EC,” Masongsong said.

“The construction of Pulangui 5 will be the beginning of the realization of our goal to jumpstart economic activity in Mindanao and ensure sustainable power supply for the country,” he added.

According to the NEA chief, the agency and its partner electric cooperatives are actively involved in securing investments in power plant projects “not only to address our growing energy requirements, but also to achieve the social and economic change envisioned by President Duterte for the country.”

The Pulangui 5 hydropower plant is among the investments President Duterte brought home when he visited China last October.

A memorandum of agreement was signed between Greenergy Development Corp. and Power China Guizhou Engineering Corp. for the development of the Pulangui 5 Hydro Project, which initially had 300 MW in capacity worth $1 billion.