JAPANESE renewable energy firm Renova Inc. has joined up with a planned hydroelectric power project in the province of Ifugao.
The planned Kiangan hydropower project in Ifugao is the first hydropower project Renova is participating in, as well as its first investment in the Southeast Asian region.
Renova has previously created solar energy power plants, including an 80 megawatt solar plant.
“We chose hydroelectric power generation by taking into consideration the capacity under the feed-in tariff system for respective power sources in the Philippines,” a Renova official said.
The firm, based in Tokyo, is participating in the 17.4 megawatt hydroelectric power plant by concluding loan agreements with Philippine financial institutions, but Renova did not disclose the amount loaned for the project.
Renova has also established a special-purpose company with local renewable developer Alternergy Renewables Corp. and construction firm Santa Clara International Corp.
It is also extending civil engineering and financial support for the project.
The power plant in Kiangan started construction in April, but Renova has yet to disclose when the facility is expected to become operational.