S. Korea wins bid to operate Philippine hydropower plant

SEOUL, April 29 (Yonhap) -- South Korea's Korea Water Resources Corp. said
Thursday it has won a bid to manage a hydroelectric power plant in the
Philippines, the first time for a local company to become the operator of a
foreign water power plant.
According to the state-run water utility, it was selected by the Philippine
government for US$440 million to take responsibility for operating and managing
the hydroelectric power plant in Angat, located 58 kilometers north of the
capital city of Manila.
The Angat plant, fueled by the multi-purpose Angat dam, currently meets 90
percent of Manila's water demand, and its four main units each have a capacity of
50 megawatts. The operating profits from the power plant are expected to reach
about $53.82 million, according to the company.
"As the Angat dam has been playing a leading role in supplying water for
residents and irrigation in Manila, profits from its operation are expected to be
high," a company official said.
graceoh@yna.co.kr
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