Korea Water Resources Corporation (K-Water) is reportedly eyeing participation in the development of the proposed 150-megawatt Kanan hydroelectric power facility in General Nakar, Quezon province.
This was confirmed by the Renewable Energy Management Bureau (REMB) of the Department of Energy, although it qualified that the Korean firm will not be the project’s main developer.
“Korea Water may be involved in the Kanan hydro project, but is not the main proponent,” an energy official has disclosed.
The investment model, it was noted, is still being sorted out with project proponent Kanan Hydroelectric Power Corporation which is currently owned by a local developer.
“The application remains pending on their part, not ours,” the DOE-REMB said, adding that “we may have to terminate the application if Kanan Hydro Power will not respond to our call for them to finalize investment model for pre-development.”
While waiting for the high court’s decision on its bid to acquire the 218-megawatt Angat hydropower plant, K-Water has been exploring other opportunities where it can re-channel its investment plans.
The company looked at another hydropower prospect in Benguet in northern Luzon, and also planned a rollout of floating solar technology in targeted areas.
The Korean firm is also in the list of interested parties for the rehabilitation of the two auxiliary units of the Angat facility, which was offered by the Metropolitan Waterworks and Sewerage System (MWSS) on a public-private partnership (PPP) deal.
For its Angat foray, K-Water was questioned by advocacy groups at the Supreme Court as to why the Power Sector Assets and Liabilities Management Corporation (PSALM) opted to declare a foreign firm as the winning bidder.
Beyond the purchase offer, the Angat facility taker is expected to cough up additional capital to rehabilitate the dam and uprate the power generation units of the Angat asset.
The water protocol for Angat clearly demarcated that the priority usage will be for domestic water consumption; followed by irrigation with municipal water use in between. The lowest in the value chain is power generation.
The Angat reservoir, in tandem with the Umiray River basin, is the major water source for the country’s major metropolis.
