Binga Hydro Power Plant

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The Binga Hydro project is located in the city of Binga in the Benguet Province. China's Chiang Jiang Energy Corp. (CJEC) rehabilitated an existing 100-MW hydroelectric plant, which it then leased from the government and continues to operate. The plant entered service in August 1993. CJEC leases the plant from the government for $210,000 per month. The contract includes provisions for environmental protection including reforestation and watershed soil conservation. In July 2008, Aboitiz Power assumed operations of the Ambuklao and Binga hydropower plants which they purchased from the Power Sector Assets and Liabilities Management Corporation (PSALM) after submitting the winning bit in November 2007. The bid was valued at US$ 325 million for both plants, 70% of which was paid in July 2008 and the remainder was to be paid over a period of 7 years. Rehabilitiation of the plants was partially to be funded with CDM credits. US$325 million was for 175MW of hydropower, on a pro rata basis this implies a cost of US$185.7 million for this plant. http://www.aboitizpower.com/AP/index.php?p=5902&type=2&sec=104&aid=1777&pg=16