In October SN Power signed the shareholders’ agreement with Africa50, Colas and Jovena to develop the Volobe Hydropower project in Madagascar. The project entails the construction and operation of a 120 MW hydropower plant on the Ivondro river, 40 kilometers from Toamasina, to be operated under a 35-year concession. It also includes the construction of a transmission line, refurbishment of the access road and infrastructure for the neighbouring villages. Financial close for the project is targeted for mid 2021.
2019 has been an active year for SN Power. Besides optimizing the operation of the existing more than 1,500 MW of assets, a new CEO was appointed and the Management Team was reorganized.
The organization has been restructured and specialist competence and additional business development capacity have been recruited to enable the company to meet a growth target of 150 equity MW per year.
Continuing the efforts of earlier years, SN Power achieved several milestones:
In April SN Power was appointed by IFC as specialist developer for the Mpatamanga project in Malawi (350 MW).
In June SN Aboitiz Power (SNAP) completed the Free and Prior Informed Concent (FPIC) consultation process for the Alimit project in the Philippines (140MW).
In July SN Power and IPS signed project agreement with the Governments of Burundi, Democratic Republic of Congo (DRC) and Rwanda for the Ruzizi III project (147 MW). In October the security agreements was signed.
In 2019 Aboitiz Power was introduced as partner for the Middle Yeywa project in Myanmar (735 MW).