Japan's SymEnergy to build hydropower plant in Philippines

© Kyodo News

Japanese renewable energy developer SymEnergy Inc. will build a hydroelectric power plant in the northern Philippine province of Ifugao to help the Southeast Asian country address power shortages and expensive utilities rates.

Kobe-based SymEnergy said Monday that construction of the 560-kilowatt hydropower plant will begin at the end of this month and the firm aims to start operations in July 2023.

The project marks the first overseas venture for SymEnergy, which did not release construction costs.

A joint venture SymEnergy established in 2017 with Ifugao Electric Cooperative Inc. and local construction firm Alfalfa Construction Inc. will build, operate and manage the power plant.

SymEnergy has not mentioned its specific stake in the joint venture, but its Filipino partners will hold a majority share.

SymEnergy said the new plant will help revitalize the local economy.

The joint venture will sell all the electricity produced to the state-run National Transmission Corporation utilizing the feed-in tariff system.

SymEnergy sees its Philippine project as an initial step forward toward full-fledged overseas hydropower business, and a SymEnergy official told NNA that the company hopes to engage in renewable energy operations in other countries as well. (NNA/Kyodo)