TeaM Energy Philippines, the joint venture between Tokyo Electric Power Co. and Marubeni Corp. of Japan, is looking at building a 600-megawatt power plant in Luzon, an official said over the weekend.
TeaM Energy president Federico Puno said Tepco, which owns a 50-percent stake in the company, remained bullish on the Philippines.
“The Fukushima incident does not affect TeaM Energy’s plan to put up greenfield projects as well as expand the Pagbilao and Sual [plants],” Puno said.
Tepco is one of the five largest electric power companies in the world. The company is facing a nuclear disaster following the devasting earthquake and tsunami in Japan in March.
“All these news about selling their [Tepco] international assets are just speculation, it’s not true,” he said.
TeaM Energy operates the 735-MW Pagbilao and the 1,200-MW Sual coal power plants. Aboitiz Power Corp. and San Miguel Corp. administers the contracts of the Pagbilao and Sual coal plants, respectively.
“The 600-MW [greenfield] could be anywhere in Luzon. For us, the faster to do is the Pagbilao, then Sual, and if not possible we’ll proceed with the greenfield,” he said.
Puno said the company might construct a coal or liquefied natural gas power plant.
“We’re looking at maybe additional greenfield project of either coal or LNG, in addition to expansion of Pagbilao and Sual [plants],” he said.
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