RENOVA Inc. announces that it is participating in the 17.4-MW Kiangan Hydroelectric Power Project currently under development in Ifugao Province, Philippines and the project concluded loan agreements with the Philippine Development Bank and other financial institutions as of Aug. 26, 2021.
The Kiangan project will be RENOVA’s first hydroelectric power project and its first investment in the Philippines. RENOVA is jointly developing the project with Alternergy Holdings Corporation and Santa Clara International Corporation. Construction of the plant began in April 2021 and is proceeding on schedule. The project is being constructed by Santa Clara International Corporation.
“The achievement of financial close of the Kiangan Project is a significant milestone for RENOVA’s expansion outside Japan and is a substantial step towards RENOVA’s realization of efforts to achieve low cost, efficient renewable power generation throughout Asia. Our participation in the Kiangan Project signifies our confidence in and commitment to the Philippines energy market, transparent and open to foreign capitals.” said Yosuke Kiminami, founding chief executive officer of RENOVA.
To achieve its vision of becoming Asia’s renewable energy leader, RENOVA is leveraging its competence to develop renewable energy power projects on the continent, where renewable energy power demand is expected to rise, and will further enhance its corporate value.
The Kiangan Hydroelectric Project will be operated by Kiangan Mini-Hydro Corporation
RENOVA is an independent renewable energy developer and power producer that develops, owns and operates solar PV, biomass, wind, and geothermal power plants.