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Oriental Peninsula buying 40% of hydropower outfit.
Byline: Jose Bimbo F. Santos
Listed Oriental Peninsula Resources Group, Inc. is set to enter the power generation sector with the acquisition of a stake in an affiliate which has interests in hydropower development.
In a statement, Oriental Peninsula said its board of directors had approved the purchase of a 40% stake in Oriental Energy Power Generation Corp., which has a service contract with the Department of Energy to build an 18-megawatt mini-hydropower plant in Timbalan River, Aklan.
The company said the move was meant to "take advantage of the newly enacted Renewable Energy Act."
Oriental Energy expects the hydropower plant to be operational …
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