Mangima Hydro Power Corporation (MHPC), a firm led by Sen. Juan Miguel Zubiri, said on Tuesday said it had inked a Php2.4 billion loan agreement with the Philippine National Bank (PNB) for the construction of a 12-megawatt (MW) run-of-river hydroelectric power project in Bukidnon.
To be located along the stretch of the Mangima River (photo above) in the town of Manolo Fortich, the project is scheduled to be completed in 2024. It is seen to have an annual generation of 64.12 gigawatt-hours.
The omnibus loan and security agreement was signed on December 6.
MHPC is a joint venture between Philnew River Power Corporation, an affiliate of Sta. Clara International Corporation (SCIC), and Zubiri’s Green Renewable Holdings Corp. SCIC is the project’s engineering, procurement, and construction contractor.
Zubiri has been involved in the country’s energy sector, having owned majority of two Bukidnon-based power firms, which were sold to Cebu-based Vivant Corporation back in February. The senator also pushed for the passage of Republic Act 9513 or the Renewable Energy Act in 2008.
Photo from mapio.net.