The company has won the concession to the 3.5MW Talomo hydro plant in the southern province of Davao. Power Sector Assets and Liabilities Management Corp. (PSALM), a company formed to privatise the power generation assets of National Power Corp. (Napocor), declared the auction successful. PSALM said Hydro Electric had submitted the highest bid of US$1.37M for the concession, beating two other unidentified bidders.

The government is to privatise a total of 35 Napocor power plants beginning this year, as required under a power sector reform law.