Hedcor Bukidnon Inc, a unit of Aboitiz Power Corp, is to receive financing of P10 billion from a consortium of banks for construction, operation and maintenance of the 68.8MW Manolo Fortich hydropower project in Bukidon, the Philippines.
In a disclosure to the Philippine Stock Exchange this week, the company said it obtained loans and credit accommodations to be used to develop the project. BPI Capital Corp is acting as lead arranger, with the Bank of the Philippine Islands-Asset Management and Trust Group as trustee and facility agent.
The Manolo Fortich project is due to be completed by the end of 2017. In August it was announced that during the peak of the construction, 500 locals will be involved in the scheme, helping to keep the project on track.
The P12.5 billion project is designed with two cascading plants - the 43.4 MW Manolo Fortich Hydro 1 and the 25.4 MW Manolo Fortich Hydro 2 plants.
Groundbreaking for the project was held in late April. An access road is included as part of the project to be utilized by the community to transport their local produce. Farmers will also be able to tap the water from the weir site to irrigate their farms.
Harnessing the Tanaon, Amusig and Guihean rivers, the project will generate a total of 360GWh of reliable and renewable energy to the Mindanao region.
