The International Finance Corp (IFC) is assessing a loan to SN Aboitiz Power to help fund the privatisation of the Magat hydro scheme in the Philippines, bought in April.
SN Aboitiz Power, a Norwegian-Philippine JV, bought the hydro plant at auction for US$530M and intended to uprate the 360MW facility. Since the acquisition the JV has been drawing up plans to reorganising the plant and operations.
On behalf of IFC a New Zealand firm, SKM Consulting, undertook a review of technical and environmental aspects of operations at Magat, and the plans being developed by SN Aboitiz Power and progress made so far in the privatisation. It also worked with SN Aboitiz Power to develop a social and environmental action plan to meet IFC performance standards within a reasonable timetable.
IFC has been assessing the consultant’s report in light of funding sought by SN Aboitiz Power, and a board decision on the loan is expected early September.