The Aboitiz Group has set up a new company, Philippine Hydropower Corp., specifically for the planned power plant project Hedcor Sibulan, Inc.
The Board of Invetments has approved Hedcor’s application to register as a new power plant operator.
Philippine Hydropower Corp. along with Erramon Aboitiz, Jose Venancio Batiguin, Luis Aboitiz and Jaime Jose Aboitiz are listed as the major stockholders of Hedcor.
Two hydroelectric power plants with a stored capacity of 16 megawatt and 26 megawatt would be constructed in Sta. Cruz, Davao del Sur.
The two hydroelectric power plants would tap the headwaters of Sibulan and Baroring Rivers as well as their tributaries.
The electricity generated by Hedcor would be sold to the Davao Light & Power Co. which is the third largest power utility operator in the Philippines next to Meralco and the Visayas Electric Co.
The Hedcor Sibulan power project was among the six projects approved by the BOI under the simplified registration program for the week Dec. 19 to 29.
The BOI has also approved the P404.132 million tourist apartel project of Fog Horn, Inc. on a non-pioneer status entitling it to a shorter income tax holiday of only four years.
Also approved was the P645,000 call center project of Rellianceus Corp. that will locate its operations in Makati City.