A new 15-megawatt run-of-river hydropower plant will soon be developed on the Pulangi River in Barangay Lumbayao, Valencia City, Bukidnon. This was finally confirmed after Land Bank of the Philippines and Cabanglasan Hydropower Corporation (CHC), a wholly-owned subsidiary of Repower Energy Development Corporation (REDC), signed a P2.6-billion loan agreement to partially finance the project.
Shown above are LandBank President and CEO Cecilia C. Borromeo (5th from right) and Pure Energy Holdings Corp. and Cabanglasan Hydropower Corp. (CHC) Chairman Dexter Y. Tiu (4th from right) leading the loan agreement signing held last December 6, 2022 at LandBank Plaza in Manila. Witnessing the signing are (from R-L) CHC Chief Finance Officer Atty. Rolando Domingo, CHC President Johnson A. Sanhi, Jr., Repower Energy Development Corporation (REDC) President and CHC Director Eric Peter Y. Roxas, and from LANDBANK, Senior Vice Presidents Celeste A. Burgos and Lucila E. Tesorero, and Vice President Emma M. Brosas.
Based on a press release by LandBank, the project is aimed to sustainably improve the quality and reliability of energy supply in nearby cities and towns in the Province. It will also help advance the country’s climate change mitigation and adaptation efforts.
The hydropower plant which is targetted for completion in 2025, is estimated to power around 130,000 households in 15 municipalities in the Province. The stable energy supply is likewise expected to benefit Bukidnon’s local economy, particularly its tourism, agriculture and industrial sectors.