Korea Water Resources to invest in Philippine green energy projects - report
Dec 12, 2011 - South Korean national water resources manager Korea Water Resource Corp intends to make USD-1-billion (EUR 754m) equity investment in green energy projects in the Philippines in the next three years, Philippine Daily Inquirer reported last week.
Particularly, the company plans to install floating solar power systems on dams in the country and build the Kapangan hydropower project, the Korea Water's representative in the Philippines, Jiheun Yun, said.
According to Yun, the company intends to pour USD 60 million to install a 10 MW floating solar power system in any of the dams in the island of Luzon. It plans to carry out a feasibility study by the beginning of the coming year and complete it in six months. The plant's construction is estimated to last for six months.
The company has already entered negotiations with potential partners including Philippine-based diversified company Ayala Corp (PSE:AC) and food and beverages producer San Miguel Corp (PSE:SMCB).
Korea Water had earlier said that is would invest USD 200 million to set up a 65 MW hydropower plant in Kapangan in the province of Benguet, according to the daily.