San Roque Hydropower Project

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San Roque Hydropower Project involves the construction of a 345MW hydropower plant with irrigation, flood control measures and water quality improvement. Napocor awarded to the project a 25-year build-operate-transfer contract. The main project sponsors were: Marubeni (42.45%), Sithe Energies (50.05%), Kansai Electric Power (7.5%). In May 2004, Sithe Energies sold its 50.05% stake in San Roque Power Corporation to Marubeni, thereby raising Marubeni's equity in the project company to 92.5%. The project's total cost was estimated to be US$1.125 billion. The dam construction started in March 1998 and began commercial operations in May 2003. The project received a US$400 contribution from Napocor in recognition of the project's social benefits (irrigation and flood control). The contribution was neither debt nor equity.