Philippine investment holding group Aboitiz Equity Ventures (AEV) has announced an agreement with Norway’s SN Power Invest AS to jointly bid for and construct hydroelectric projects in the Philippines.

According to Forbes, AEV made the announcement to the stock exchange today, citing the international operating experience of SN Power and their own local experience as important factors in making the venture work.

SN Power, involved in hydroelectric projects in Asia, Africa and Latin America, was founded by Statkraft, Europe’s second largest producer of hydroelectric power, and the Norwegian Investment Fund for Developing Countries. Statkraft is attached to more than 90 power plants with a combined capacity of 12,000MW.

Aboitiz has over 25 years of experience in the field of hydroelectric development through its unit Hedcor, and is the largest private mini hydro developer in the Philippines, with over US$59M of hydro power assets.