The contract marks the company’s first major project under its Greenfield development program with the planned development of a 350MW hydroelectric power facility in Ifugao, Philippines.
The integrated hydropower complex, which will be developed under a subsidiary SNAP-Ifu, comprises three facilities which include the 100MW Alimit plant, the 240MW pumped storage facility, and the 10MW Olilicon plant.
The company said in a statement: "The contract term provides for 25 years from effective date on July 24, 2014, renewable for another 25 years."
SNAP’s Greenfield Development Program intends to boost renewable portfolio of the company by seeking potential small and large hydro projects in the Philippines, mainly within its current host communities in northern Luzon.
The program also supports the renewable energy program of the government to ensure security of supply.
SNAP-Ifugao is a joint venture between SN Power of Norway and AboitizPower.
Image: US DOE approves hydropower service contracts for SNAP. Photo: markuso/Freedigitalphotos.net.
