United Holdings budgets P1.2-B for hydropower plant in Bukidnon

MANILA, Philippines - Local renewable energy firm United Holdings Power Corp. (UHPC) is earmarking P1.2 billion for the construction of an 8.4-megawatt (MW) hydropower project in Bukidnon to help augment power supply in Mindanao.

In a briefing, UHPC president Dominic Sytin said the Upper Maladugao hydropower plant will be financed through 30 percent equity and 70 percent debt.

He noted the project, which will be undertaken by wholly-owned unit UHPC Bukidnon Hydro Power I Corp., has reached financial closure with BDO Unibank Inc.

Detailed engineering design was also completed by Meadowland Developers Inc. earlier this month, Sytin added.

These developments would allow the company to move forward with the bidding process for engineering, procurement and construction (EPC) and electro-mechanical equipment (EME).

Bidding for the EPC and EME will commence in November to meet the first quarter 2016 construction target and first quarter 2018 completion, UHPC business development officer Marti Sandino P. Espenido said in the same briefing.

For the EPC contract, the company has shortlisted four contractors: Sta. Clara International, JV Angeles Construction, Meralco Industrial Engineering Services Corp. (Miescor) and Phesco Inc.

“Awarding [for the EPC contract] is targeted by December but latest would be in January,” Espenido said.

Meanwhile, the company is looking at European suppliers for the EME, namely Andritz, Wasserkraft, Global Hydro and WKV.

Espenido said proposals are now being reviewed and supply contract is also seen by December.