MANILA - Japanese renewable energy firm Renova Inc. is participating in a hydroelectric power project in the Philippines by concluding loan agreements with the Philippine financial institutions.
Renova said the Kiangan project in the northern Philippine province of Ifugao is its first hydroelectric power project and its first investment in the Southeast Asian country. The Tokyo-based firm did not disclose the amount being loaned for the 17.4-megawatt power plant on Luzon Island. "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.
Renova has established a special-purpose company with local renewable developer Alternergy Renewables Corp. and construction firm Santa Clara International Corp. and is extending civil engineering and financial support for the project.
Construction started in April. Renova said the project is proceeding on schedule without specifying when the power plant will start operations.
Renova has developed solar power plants, including a maximum 80-megawatt plant, and maintains a workforce of veteran in-house civil engineers.
Renova prioritizes its overseas renewable energy operations in the Philippines, Vietnam, Indonesia and South Korea. (NNA/ Kyodo)