The National Irrigation Administration and First Hydro Power Corp. signed an agreement to develop a hydroelectric power project at the Aya Dam in Pantabangan, Nueva Ecija province.
NIA administrator Ricardo Visaya and First Hydro Power vice president Dennis Michael Gonzales signed the agreement Tuesday.
NIA said in a statement the deal would complement the Pantabangan-Masiway Hydroeletric Power Plant through an acceptable scheme under existing laws, such as the Renewable Energy Act of 2008.
“In line with this, First Gen has requested NIA’s permission to conduct a comprehensive feasibility study of the project, including but not limited to, legal, economic, social, financial, and technical viability, to which NIA has permitted the former to conduct the same,” the agency said.
First Gen Corp. and Energy Development Corp. own 40 percent and 60 percent of First Gen Hydro Power Corp., owner and operator of the the 132-megawatt Pantabangan-Masiway hydro plant.