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Two hydropower firms to invest $800M in Mindanao

Friday, February 15, 2008 [ Philstar.com ]

By Donnabelle L. Gatdula

Two local hydroelectric power firms are planning to invest up to $800 million in Mindanao to help augment the island’s growing power requirements.

Normeco (Northern Mindanao Electric Cooperative) Hydro Corp. and Mindanao Hydro Corp. said they intend to pour in around $300 million and $500 million, respectively, for these projects.

Cerael Donggay, project director of the two firms, said Normeco will start building a 150-megawatt hydropower plant within the year to be completed by 2013.

The Normeco hydropower project, he said, will need between $230 million to $300 million capital. > > > [ full story ]
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