SLRB seeks partners for $2.5-B 1,212-MW hydropower projects
San Lorenzo Ruiz Builders and Developers Group, Inc., (SLRB) is negotiating with prospective foreign and local partners for its four major hydroelectric power projects with a total generation output of 1,212 MW and a total project cost of US$2.5 billion.
In a press briefing, SLRB President Oscar I. Violago said they expect to conclude negotiations with a large foreign company and some local firms for the possible partnership within the year.
While 70 percent of the project cost will be financed by a syndicate headed by BDO Capital & Investment Corporation, SLRB and its prospective partner will still have to come up with the 30 percent equity.
Violago said their partner can either come in as a minority shareholder or SLRB can give up majority control. He added that partnerships can be by project or for the entire package of four projects.
“At a time when the country is reeling from lack of power supply, increasing power rates and a dearth of clean and green energy related projects, SLRB has embarked on four projects that will supply much needed power to Luzon, Visayas, Mindanao including the quality of power supply to Metro Manila,” Violago said.
He said all four projects have been approved by the Energy Department and are waiting only for their environmental clearance certificates, their water permits and approval of the indigenous peoples concerned.
“We should be able to conclude everything within the year and these projects can be completed by 2017 to 2018,” said Violago adding that the smaller project in Samar can be finished by next year.
The first project is the US$873-million 500MW Wawa hydroelectric power project in Rizal which will provide 500 to 1,000MW of pumped storage power capacity for peaking use in the Luzon grid as well as supply water to Metro Manila.
It is also developing the Bolusao River 12MW run of river (US$16 million) and 300MW pumped storage hydropower in Samar (US$550 million) and the US$390-million Davao 160MW hydropower project in the Davao and Tamugan Rivers in Davao City.
The fourth is the 240MW Chico River Hydropower project in Tabuk, Kalinga, Northern Luzon that will cost US$680 million.