First Gen has securedl approval for three hydroelectric projects outlaying an investment of PHP11.93bn ($281.7m) in Mindanao, Philippines.
The approval comes following the nod from board to develop the projects that are estimated to produce a total of 62.75MW.
The three projects include 23MW Bubunawan hydropower project in Bukidnon; and the 9.75MW Cabadbaran and 30MW Puyo hydropower projects in Agusan del Norte.
First Gen Mindanao Hydro has invested PHP5.07bn ($119.3m) for Bubunawan power plant located in Baungon and Libona, Bukidnon. It comprises two 11.5MW generator sets.
Currently, the company is seeking agreements with the Cagayan Electric Power and Light (Cepalco) and the Misamis Oriental Electric Service Cooperative- 1 (Moresco-1) for interconnection to facilitate the sale of power generated by the plant.
The Cabadbaran plant featuring three 3.25 MW turbines will cost PHP1.8bn ($42.3m) and Agusan del Norte Electric Cooperative (ANECO) will procure the output from the plant.
The PHP5.06bn ($119.1m) Puyo plant has two 15MW turbines and the output from the plant will be sold to ANECO.
All the three projects are scheduled to commence operations in January 2013.