On March 8, 2017, the First Bukidnon Electric Cooperative Inc. (FIBECO) and Pulangi Hydro Power Corp. (PHPC) signed a memorandum of understanding (MOU) that marks the beginning of development of a 250 megawatt Pulangi 5 hydropower plant in Bukidnon.
The new Bukidnon hydropower plant is expected to add the 250 megawatts in Mindanao by 2021.
Pulangi 4, a run-of-river hydropower project that produces 255 MW and commissioned in December 1985, also operates in Bukidnon.
“The construction of Pulangui 5 will be the beginning of the realization of our goal to jumpstart economic activity on Mindanao and ensure sustainable power supply for the country,” said National Electrification Administration Chief Edgardo Masongsong.
According to Masongsong, “FIBECO will be part owner of the power plant, with shares of stock under negotiation. Revenues from the project will contribute to the reduction of power rates for electricity consumers in the franchise of the electric cooperatives.”
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