Aboitiz subsidiary gets Ambuklao-Binga hydro power project

A subsidiary of Aboitiz Power Corp. has been formally awarded the Ambuklao-Binga Hydroelectric Power Plant Complex, according to a statement released on Thursday by the company. In a statement to the Philippine Stock Exchange, Aboitiz Power said the Power Sector Assets and Liabilities Management Corp. issued the notice of award to SN Aboitiz Power Hydro Inc. (SNAP Hydro), a consortium between Aboitiz Power and SN Power AS of Norway. The notice officially declared SNAP Hydro as the winning bidder for the Ambuklao-Binga Plant consisting of the 75-megawatt Ambuklao Hydroelectric Power Plant located in Bokod, Benguet, and the 100-megawat Binga Hydroelectric Power Plant located at Itogon, Benguet. The consortium has offered to pay $325 million for the plant. The agreement for the hydroelectric complex requires SNAP Hydro to deliver at least 40 percent of $325 million as downpayment to be given on or before the closing date. The balance of 60 percent may be paid in 14 equal semi-annual payments with an interest of 12 percent per annum compounded semi-annually. For the first nine months of the year, jumped by 45 percent to P2.4 billion from P1.6 billion. Total revenues rose by 25 percent to P8.1 billion. - Cheryl Arcibal, GMANews.TV