January 2016 SN Aboitiz Power started the construction of the Maris Canal Project in the Philippines which is located approximately 5.5 km downstream from the Magat dam, with the Maris reservoir situated between the two dams.
The Maris Canal Project will have an installed capacity of 8.5 MW and produce 45 GWh of energy per year.
The project includes the refurbishment of 12 irrigation control gates located on the intake to the Maris South Canal and is projected to be completed by February 2018.
In the same month the Phase 2 of Middle Yeywa Feasibility Study commenced. In 2014 SN Power signed an MOU with the Government of Myanmar for the development of a project east of Mandalay and is now working on the feasibility study to be completed during the third quarter of 2017. During this period SN Power will agree with the Government on the basic commercial terms, and do an Environmental and Social Impact Assessment.
In March SN Power signed a Share Purchase Agreement (SPA) with Sithe Global for the acquisition of their complete shareholding in Bujagali Energy Limited, with an expiry date on 31 December 2016. The acquisition did not reach financial close due to missing government approvals of the share transfer. The Government of Uganda has initiated a full re-financing of the project.
In October SN Power signed a Head of Terms agreement with Industrial Promotion Services (IPS) and started a due diligence process to potentially enter the 147 MW Ruzizi III hydropower project located on the river bordering the Democratic Republic of the Congo (Congo) and Rwanda as IPS’ technical partner, and replace Sithe Global.
As a result of a total evaluation of the project the Board of SNP decided not to pursue this opportunity. Norfund decided on this basis to continue the development of the project on a 100% basis, based on a full management service agreement with SN Power.
The expected start of construction is in 2019 and the estimated commercial operation date in 2024.