THE Department of Finance (DoF) said it expects to serve as the implementing agency for rehabilitating the Agus-Pulangi hydropower complex in Mindanao, which is expected to cost P16.71 billion.
“Under the proposed memorandum of agreement (MoA), the DoF will be the main implementing agency, loan borrower and budget holder… for the rehabilitation projects, while the (Power Sector Assets and Liabilities Management Corp.) and the National Power Corp., as owner and operator, respectively… will both serve as the implementing units,” the DoF said in a statement on Tuesday.
The Agus-Pulangi complex, located in and around Lake Lanao, consists of seven hydropower plants originally rated at 1,001 megawatts (MW), though only 600 to 700 MW are available due to the inefficiency of the aging facilities.
Six of the facilities are located along the Agus River on a stretch of 36.5 kilometers between the lake and Iligan Bay. The seventh is on the Pulangi River to the south of the lake.
The first phase of rehabilitation targets the Agus IV, V, VI, and VII plants, which are expected to generate 417.1 MW after they are upgraded.
Awaiting approval from the National Economic and Development Authority and still being evaluated by the DoF, phase one is estimated to cost P10.19 billion.
The second phase involves the Agus I, II, and Pulangi IV plants, which will produce 515 MW after the works are complete. It is estimated to cost P6.52 billion, according to a World Bank study. — Diego Gabriel C. Robles