Aboitiz Equity Ventures intends to spend between US$89M-107M to purchase hydro plants from the state-run National Power Corporation (Napacor) in northern Philippines, and develop a new scheme in the south.

According to reports, Aboitiz Equity is interested in Napacor’s hydro facilities in Benquet, Nueva Ecija and Cagayan, with a view to developing a further project in the southern region of Davao, depending on the outcome of a feasibility study.

In July, the company announced an agreement with Norway’s SN Power Invest AS to jointly bid for and construct hydroelectric projects in the Philippines.