Renewable energy provider SN Aboitiz Power is seeking the board’s approval for the proposed $550-million, 390-megawatt Alimit Hydropower Complex in Ifugao province.
“We intend to go to our board for approval to go into pre-construction in August,” SNAP president and chief executive Joseph Yu said.
SNAP and the municipal government of Lamut recently signed a framework agreement for the proposed project. The same agreement was concurred by the Lamut municipal council, which issued Resolution No. 2019-18-041 endorsing the Alimit project.
All four local government units hosting Alimit Hydro, namely the municipalities of Aguinaldo, Lagawe, Lamut and Mayoyao, signified their approval for what is expected to be Ifugao’s first large-scale hydropower facility.
Yu said SNAP was also constantly in talks with partner investors to commence the project’s construction. SNAP is a joint venture of SN Power of Norway and Aboitiz Power Corp.
“There’s a lot of activity going on here and in Oslo and in New Zealand and discuss from time to time the market side of it, financing side of it, technical, risk and design... What we’re hoping to get is this approval to go into pre-construction, and by pre-construction you mean preparing the tender and the tendering process for the building of the Alimit project,” Yu said.
He said the pre-construction preparation would take one year while the construction period was expected to reach four years. “It’s really more... Hydro has to be a longer-term play,” Yu said.
The agreement with the LGU outlines the cooperation, collaboration and obligations between SNAP as project proponent and the municipalities as hosts during the development and operation phase of the project.
“We believe that meaningful collaboration with our stakeholders and communities can help propel our country toward a more energy-secure future,” said Yu.
The first phase of the project will involve the construction of the 120-MW Alimit plant and the 20-MW Olilicon plant. The second phase will involve the 250-MW Alimit pumped storage facility.
Yu said SNAP would also pursue floating solar projects in its hydro facilities to address the tight power supply in the country.
“Our contribution to this urgency of the shortage of reserves we think is the floating solar. For us, this is something that can be ramped up very, very quickly,” he said.
SNAP owns and operates the 388-MW Magat hydro on the borders of Isabela and Ifugao; the 8.5-MW Maris hydro in Isabela; the 105-MW Ambuklao hydro in Benguet; and the 140-MW Binga hydro also in Benguet.