Aboitiz, Singapore power firm team up to bid for Luzon plants

Aboitiz Power Corp., the power unit of investment holding company Aboitiz Equity Ventures Inc., and SN Power Holding Singapore, have teamed up to bid for hydropower plants in Isabela and Nueva Ecija.

The Corporate vehicle, SN Aboitiz Power or SNAP, intends to bring together the two parties’ local and international hydropower and investment experience to contribute to the positive and sustainable development of the energy sector in the Philippines.

In particular, SNAP is bidding for the 360-megawatt (MW) Magat hydroelectric power plant in Ramon, Isabela and the Hydroelectric Power Complex consisting of the 100-MW Pantabangan Hydroelectric Power Plant and the 12-MW Masiway hydroelectric power plant, both in Pantabangan, Nueva Ecija.

These plants are among the National Power Corp. assets being sold by the Power Sector Assets and Liabilities Management Corp.

"We are anxious to see the privatization process move forward quickly. By submitting the consortium declaration before an announced official deadline, we are signaling the seriousness of our intent as a bidder, provided the privatization process can be expedited. We hope that the process will move forward and that no further delays to the sale of the assets will occur," said Luis Miguel Aboitiz, senior SNAP executive.

The Aboitiz Group, through its wholly owned subsidiary Hedcor Inc., is the pioneer and industry leader in the development, operation and management of hydropower plants.

Hedcor is the largest developer of mini hydropower in the Philippines, operating 19 generating facilities in Benguet and Davao with 113 megawatts of total installed capacity.

On the other hand SN Power and its international subsidiaries develop, invest in and operate power generating assets on a long-term basis with focus on hydroelectric generation in selected markets in Asia, Africa and Latin America.

SN Power is drawing on the industrial and financial experience and strength of its joint Norwegian owners Statkraft and Norfund (Norwegian Investment Fund for Developing Countries). Statkraft has operational hydropower experience for more than 100 years, and is Europe’s second largest producer of hydroelectric power. Statkraft owns wholly or partly more than 90 hydropower plants in Europe as well as in Asia and Latin America. – Donnabelle Gatdula