To be built with an investment of approximately $280m (PHP12bn), the projects will supply most of their output to an electric cooperative in Isabela, while the remaining capacity in the wholesale electricity spot market.
MTD Philippines head for business development Patrick David told Inquirer.net that the electric cooperative will purchase the output at the Philippines Department of Energy (DOE)-approved feed-in-tariff rate for hydropower projects, which is PHP5.90/kWh.
The DOE has already approved four renewable energy service contracts and is yet to approve the remaining six projects
"The company is targeting to break ground within the year for the first 19MW mini-hydropower project, which may take about two years to complete and commission.
"Studies have been prepared, we have conducted our due diligence, and now we’re about to select our EPC contractor. Our consultations are now drawing up the terms of reference for the EPC contract, the bidding for which is targeted for this year," David said.
