Aboitiz Equity Ventures apparently closes P2.2 billion loan with the Bank of the Philippine Islands and International Exchange Bank to help fund construction the the two hydro plants in Davao that are to start construction early next year accourding to Stephen Paradies, AEV CFO as related an ariticle in the March 9 Philippine Daily Inquirer.
AEV is apparently teaming with SN Power Invest AS of Norway to bid for the 100 MW Pantabangan and the 12 MW Masiway Napocor plants in Nueva Ecija.
Hedcor, an AEV subsidiary, already purchased the 3.5 MW Talomo mini-hydro plant in Davao and owns other small hydro facilities. Also, AEC and Pacific Hydro of Australia jointly own the 70 MW Bakun Hydro project in Luzon.
Here’s an interesting presentation [pdf] by Hedcor on hydro development in the Philippines presented last August at a UP Philippines Solar Lab workshop.
The ERC has recently approved two Hedcor PPAs to Davao Light – here and here.
Hedcor sells all the output of the 1 MW Upper Talomo plant (Unit 1) to Davao Light through April 2010 at a price this is, essentially, a 5% discount to the average Napocor selling price.
Hedcor sells all of the output of the 3.4 MW Talomo plant (Units 2, 2A, 2B, and 3) to Davao LIght for fifteen years (through 2021) at a price that is, essentially, the average Napocor selling rate, but you can read the details in the ERC Decisions above.