Japan's Renova takes part in 17.4-MW Philippine hydro project

Japanese renewable power producer Renova Inc (TYO:9519) announced on Friday it is taking part in a 17.4 MW hydropower project in the Philippines.

The Tokyo-based company said that the HPP has successfully concluded loan agreements with the Philippine Development Bank and other financial institutions, thus reaching a financial close.

Located in Ifugao province, the Kiangan Hydroelectric Project is a joint development between Renova, Alternergy Holdings Corporation and Santa Clara International Corporation. The HPP will sell its output at a feed-in tariff (FiT) of PHP 5.87 (USD 0.118/EUR 0.100) per kWh.

This move marks Renova's first hydropower project as well as its debut into the Philippine energy sector, the firm said.

Renova has around 1.8 GW of renewable power in its portfolio of which approximately 400 MW of capacity is already in operation, according to information on its website.

(PHP 1.0 = USD 0.020/EUR 0.017)

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