The funds for 6.6MW Tudaya 1 plant are secured through its subsidiary Hedcor Sibulan and it is expected to commence its operations in September 2014.
The power generated from the plant will be procured by Davao Light and Power (DLPC), according to Business Mirror.
It is said to be third hydro plant of the company following Sibulan plant A and plant B, which together produce a capacity of 42.5 MW.
Meanwhile, the funds are allotted under the Renewable Energy Act and the Memorandum of Agreement between the BOI and the Department of Energy.
It is a part of BOI’s National Renewable-Energy Program (NREP) to increase the renewable energy capacity in the country to 15,303MW by 2030.
Also, by the end of the period, hydro energy is expected to contribute 5,394MW, with 341MW of energy from the sector being estimated to be added by 2015.
