The Angat Hydropower Corp. (AHC) is set to plot out a $50 million upgrade on the 218 megawatt (MW) Angat Hydroelectric Power plant (AHPP) in 2017.
The planned rehabilitation will improve the 50-year old power plant’s efficiency, AHC president and CEO Geung Jeon Han said.
“We have studied to rehabilitate the power plant and including the overhauling of the power plant and some units,” he said.
Han added that the capacity will remain at 218 MW, but efficiency “will naturally increase” upon rehabilitation.
AHC is targeting a $50 million investment for the project that will last for seven years and is currently in talks with local and international banks for financing.
“We prepare for financing with Filipino banks and other international banks. We are already processing. Hopefully, the end of this year or January next year it is finalized already,” Han said.
AHC began its P1 billion Angat Dam rehabilitation project this month in improving the stability of the facility during natural calamities like stronger earthquakes.
AHC is co-owned by the SMC Global Power Holdings Corp, and Korea Water Resources Corp.