SNAP to decide on investment in $1-billion Alimit project by August

By Myrna M. Velasco – June 28, 2019, 10:00 PM
from Manila Bulletin

BALI, Indonesia – The members of the board of SN Aboitiz Power, Inc. (SNAP) will discuss in their scheduled board meeting this August whether a final investment decision (FID) could finally be rendered on their planned 390-
megawatt Alimit hydropower facility in Ifugao province which will command an investment of more than US$1.0 billion.

“We have to discuss it in the board if it is viable to go ahead with it. We already secured community approval and the necessary permits for the project, so that’s a favorable development” Aboitiz Power Chief Operating Officer and SNAP Board Director Emmanuel V. Rubio said in an interview here.

SNAP emphasized that the first phase of the project will be the construction of the 120MW Alimit plant along with the 20MW Olilicon facility which will require capital outlay of US$450 million to US$550 million.

The second phase of the blueprinted hydropower complex will be the 250MW Alimit pumped storage venture that may also call for a scale of cash injection matching the first phase of the project.

On the whole, the numbers crunched for this large-scale hydropower development had been between US$1.05 billion to US$1.225 billion.

Project sponsor firm SNAP recently indicated that it already secured the approval of the four municipalities that will be hosting the Alimit project – namely Aguinaldo, Lagawe, Lamut and Mayoyao.

A subsequent development to that had been the signing of a framework agreement between the project developer and the host LGUs. SNAP is a joint venture between Aboitiz Power Corporation and SN Power of Norway.