Japanese firm Electric Power Development Co., Ltd. (J-POWER) is to acquire shares in two companies owned by Markham Resources Corporation (MRC) in order to participate in hydroelectric power generation projects on Mindanao Island, the Philippines.
J-POWER will acquire 40% shares in Lake Mainit Hydro Holdings Corporation (LMHHC), which is wholly owned by MRC, and 40% shares in Bukidnon Hydro Energy Corporation (BHEC), which is 95% owned by MRC. LMHHC, through Agusan Power Corporation (APC), a company wholly owned by MRC, is constructing the 25MW Lake Mainit Hydroelectric Power Plant in northern Mindanao. Commercial operation is set to start in January 2023.
Mindanao has many undeveloped hydropower sites. The development of these sites is expected to help shift the island's electricity supply from fossil fuel-derived power sources, currently the major contributor, to carbon-free power sources. Both projects will play a role in this shift.