Repower Energy Development Corp., a subsidiary of Pure Energy Holdings Corp. said that it signed a memorandum of understanding (MOU) with the National Irrigation Administration (NIA). REDC said in a statement this signifies the company's intention to pursue the development of mini-hydropower plants in three areas where the NIA has existing infrastructure. REDC requested for the NIA's permission to conduct comprehensive studies on the economic, financial and technical viability of the projects. These projects cover the river irrigation systems (RIS) in Barangay Dapdap in Tayabas, Quezon; Barangay Sta. Justina in Iriga City, Camarines Sur; and Barangay Poblacion in Pilar, Bohol. Repower Energy Development Corporation (REDC) hereby confirms the execution of the MOU with NIA for the development of mini-hydropower plants in the areas mentioned above where NIA has existing infrastructure. NIA is mandated under its Charter to investigate and study all available and possible water resources in the country primarily for irrigation purposes. Such mandate includes the construction of multi-purpose water resources projects designed primarily for irrigation, and secondarily for hydraulic power development and/or other uses such as flood control, drainage, land reclamation, domestic water supply, roads and highway construction and reforestation, among others. REDC has signified its intention to pursue the development of mini hydropower plants in an area which has the potential to have the feasibility of sustainable operations, particularly in the areas mentioned, through an acceptable scheme under existing laws, and preparatory to such submission has requested NIA's permission for the conduct of a comprehensive study of the economic, financial and technical viability of the projects. The Study which shall be conducted for a limited period of one year shall be financed by REDC. Should NIA, however,
decide to use the study for purposes of competitive bidding, or any other mode of CSP for the power component of the project, REDC shall be reimbursed reasonable and eligible expenses incurred in such amounts mutually agreed upon by the Parties, which REDC can avail of should it not participate in the bidding.