K-Water keen on other power projects in Phl

MANILA, Philippines - Korea Water Resources Corp. (K-Water) is keen to invest in other power projects in the country despite the controversy on the Angat power project.

Gee-Hwan Park, K-Water vice president of land, energy and overseas services division, told reporters during the company’s international roadshow, that they are still eyeing to build the $300-million Kapangan hydropower generation project in Benguet.

He said they have finished the feasibility study on the proposed build-operate-transfer (BOT) project which started in 2008. He added K-Water also has other projects now in feasibility study stages such as the Pampanga province flooding control project. The feasibility study on this flood control project started in 2009.

“This project is to prevent flooding taking from the experience of Mt. Pinatubo where there were too much flooding in the province,” he said.

Another project the company is looking at is the Malinao Dam rehabilitation in Bohol.

While declining to comment on the Angat case, Park said K-Water is definitely not be closing down its business in the country.

“We are willing to wait for the proper judgment of the SC. We can extend the performance bond if necessary. We will wait and will not pull out,” he said.

Aside from existing projects, they are also looking at other renewable energy projects like wind, solar and tidal.

He said the company may also look at small hydro projects. There are no definite details yet on these RE projects.

“We do not have a specific plan yet but if opportunities arise on these areas, we will look into it. We are willing to partner with government or private entities on these RE projects,” he said. 

K-Water’s main focus is still on energy and water distribution as this is where its expertise is. 

K-Water conducted its 2nd international investment roadshow in the Philippines next to Thailand.

They are continuing with a series of roadshows in European countries in the coming months

“Conducting the international roadshow here is an indication that K-Water is still keen in continuing its business in the Philippines,” he said.

But he said up to now, the company is waiting for the decision of the Supreme Court on the Angat power plant. “We are now on the wait and see status,” he said.

K-Water won the bidding to operate the 218- MW Angat hydroelectric power facility last April 28 by submitting the highest offer of $440.8 million.

A number of civil society groups and lawmakers filed a petition with the High Court to stop PSALM from awarding the prime hydro facility of the country.

The petitioners argued that PSALM acted with grave abuse of discretion when it conducted the bidding of the Angat power plant in “secrecy and in disregard of the people’s right to information, right to water and in violation of its mandate and the Constitution.”

They sought SC’s intervention to permanently stop PSALM from disposing of the Angat plant, nullify the bidding process and issue a preliminary injunction and/or temporary restraining order.