MANILA, Philippines—The long-planned rehabilitation of the decades-old Agus-Pulangi hydroelectric power plants in Mindanao came a step closer to reality after the World Bank approved a $700,000 in financing to jumpstart project preparation.
The World Bank (WB) on April 27 approved the financing for the state-run National Power Corp. (Napocor) to start preparing the project’s feasibility study and tender documents, according to WB.
Upon completion of preparations for the rehabilitation work, WB would lend the Philippines an initial $100 million to cover part of the $150-million cost of project one of the series of Agus-Pulangi hydropower rehab projects.
The entire project to be…
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