SN Aboitiz Power-Magat Inc. signed an agreement with the National Irrigation Administration to build an 8.5-megawatt hydroelectric power plant along the Maris Main (South) Canal in Isabela province.
Aboitiz Power Corp. said in a disclosure to the stock exchange unit SNAP-Magat informed it of the signing of the agreement.
SNAP is a joint venture between Aboitiz Power, the holding company for the Aboitiz Group’s investments in power generation and distribution and SN Power, a global renewable energy company established in 2002 as a Norwegian limited company owned by Statkraft and Norfund.
“The project shall commence in the last quarter of 2015 and is targeted to be completed by November 2017,” Aboitiz Power said.
The Maris Main (South) Canal is under the operation and management of NIA.