PHILIPPINES – SN Aboitiz Power-Magat Inc (SNAP-Magat) is building an 8.5-megawatt hydroelectric power plant along the Maris Main (South) canal, Aboitiz Power Corporation (PSE:AP) said in a disclosure to the Philippine Stock Exchange.
SNAP Magat signed the MOA with the National Irrigation Administration (NIA) for the construction of the said hydroelectric power plant along the Maris Main (South) Canal, which is under the operation and management of NIA.
The hydroelectric power plant will use the irrigation water released from the Maris Reservoir for the Maris Main (South) Canal.
The Department of Energy awarded a Hydropower Service Contracts (HSC) for Maris Main Canal 1 to SN Aboitiz Power-Greenfield, Inc. and likewise granted the assignment of the HSC from SNAP-Greenfield to SN AboitizPower-Magat.
The Project shall commence in the last quarter of 2015 and is targeted to be completed by
Aboitiz Power Corporation (PSE:AP)’s stock closed flat on Wednesday’s session, trading at Php40.85 a share at the closing bell. A total of 6.75 million shares exchanged hands, with a value of Php278.83 million. – BusinessNewsAsia.com