Infraco Asia signs development agreement for Philippine hydropower portfolio
InfraCo Asia Development (IAD) has entered into a Joint Investment and Development Agreement (JIDA) and a Convertible Loan Agreement (CLA) with Alternergy Hydro Partners Corporation (AHPC), a developer of renewable energy projects based in Manila, Philippines.
The US$1.1 million convertible loan facility will support AHPC in the development of their portfolio of Run-of-River Mini Hydro Projects in North Luzon in the Philippines. The combined capacity of the portfolio to be held under Alternergy Mini Hydro Corporation (AMHC) will be around 26 MW, with the potential to expand further.
This opportunity is the first agreement that InfraCo Asia is entering into as part of its CoDevelopment Program that is designed to support local developers to meet their pre-financial close high-risk project development costs in South Asia and South-East Asia (including Myanmar).
InfraCo Asia CEO, Allard Nooy, said the partnership with Alternergy illustrates the company’s mandate at work—developing sustainable, commercially viable infrastructure projects. Mr Nooy said:
“This marks InfraCo Asia’s first Co-Development, and is an important part of our commitment to infrastructure development. The implementation of the portfolio of projects will ultimately support social and economic development by strengthening the electricity supply in North Luzon.”
“The support provided by InfraCo Asia to develop this project portfolio in a world-class manner will set the stage for achieving financial close for each of the projects under AMHC." “I’d like to thank the InfraCo Asia team members who worked so diligently towards these agreements. We look forward to working with AHPC on the execution and implementation of these projects.”
AHPC is a Philippines-based renewable energy developer dedicated to the development and operation of Run-of-River hydro projects in the Philippines. AHPC is committed to developing projects with a “Quadruple Bottom Line Approach” driven by economic returns, social benefit, environmental impact and employee satisfaction.
AHPC Director, Eduardo Martinez Miranda, said:
“The InfraCo Asia facility will enable us to realise the development of our mini hydro projects in the Luzon province and this will be an integral first step in mobilising private sector investment in these projects,”
The AHPC principals comprise, among others, a former Energy Secretary of the Philippines, a former senior IFC official and seasoned renewable energy development professionals.