Signed A Memorandum of Understanding
The National Irrigation Administration, also known as NIA, together with First Gen Hydro Power Corporation has signed a Memorandum of Understanding (MoU) to build a hydroelectric power project at the Aya Dam located in Pantabangan, Nueva Ecija. In the disclosure made by NIA, it said that First Gen has requested permission to conduct a comprehensive feasibility study of the project that includes legal, social, economic, technical viability, and financial. NIA permitted the firm to do so. Let’s take a look at some of the important matters regarding the MoU.
Catch me in my live training events! (quick plug)
The heart of why I do these seminars is I want to build a generation of Filipinos with the right foundation in stock investing. I want to bring smart investing to every Filipino around the world! If you would like to know more about how you could time the market check out the trainings below.
Stock Smarts Qatar — October 2 – 7, 2019
Stock Smarts Cebu – October 26-27,2019
Stock Smarts Singapore – November 6-10,2019
ICON Davao – November 30, 2019
Stock Smarts Manila – November 24, 25, December 8,9,15,2019
A Project Within Acceptable Scheme
According to the government who is assigned to watch out for the development of irrigation systems here in the country, the memorandum of agreement complements the existing Pantabangan-Masiway hydroelectric power plant in a way that it is an acceptable scheme under our laws. A great example is the Renewable Energy Act of 2008. The MoU was signed last October 8, at the head office of NIA in Quezon City. The administrator and vice president of both parties have inked the said agreement. It’s a good thing to know that this project will not just benefit the government and First Gen but it will also provide advantages to Filipinos.
First Gen’s Project
The existing plan Pantabangan-Masiway hydroelectric power plant complex located in Nueva Ecija has 132 megawatts (MW) in capacity and it is owned and operated by no other than the First Gen Hydro Power Corporation. This complex has two parts: the 112-MW Pantabangan hydroelectric plant that was constructed in 1977 and the 12-MW Masiway hydroelectric plant that was built in 1981. Both of these plants are components of a multipurpose hydro complex that is continuously providing irrigation water for the major rice fields situated in Nueva Ecija.
All About First Gen
First Gen is known as a subsidiary of one of the largest conglomerates here in the Philippines—First Philippine Holdings Corporation (FPH). FPH has interests in different businesses such as infrastructure, power generation, property development, and manufacturing. First Gen has contributed pioneering projects that helped the company in general and the people and places near the projects. Some of its notable efforts include the Santa Rita and San Lorenzo power plants, the Burgos project, the Avion, the San Gabriel power plant, and the Liquefied Natural Gas Terminal.
