Energy World International Ltd. of Australia has received financing from Standard Chartered Bank for its planned 300-megawatt combined cycle gas power plant in Grande Island, Pagbilao, Quezon province.
Energy World is also developing a $210-million LNG hub in Pagbilao, Quezon that will supply liquefied natural gas to the 300-MW power plant.
An Energy Department report has listed Energy World’s power plant as one of indicative projects, or those which are in different stages of development prior to financial closing.
Energy World has primary gas and power operations in Sengkang, South Sulawesi in Indonesia. It also produces gas, power and LNG in Australia.
The report said the Quezon project received “various permits” and obtained financing from Standard Chartered. Energy World is also awaiting Energy’s permits for a proposed liquefied natural gas terminal set for commissioning by December 2013.
The company earlier said it received strong interest from local companies and financing institutions to invest and develop the LNG hub.
“Under confidentiality agreements, we have received very strong interest from financiers and industrialists in the Philippines to co-invest and develop the Hub Terminal,” the company said.
Energy World said the terminal would also serve as the distribution base of LNG to other power producers in Asia and the transport sector.
The company plans to build the LNG terminal in phases. The first will include a 130,000-cubic meter LNG storage tank, regasification facility, jetty and supporting infrastructure estimated to cost $130 million. The second phase will include an additional 130,000-cubic meter LNG storage tank costing $80 million.
The site is adjacent to the Pagbilao coal-fired power plant operated by TeaM Energy Corp., which has a 230kv switchyard in place and sheltered deep water berthing for ocean-going vessels.
“It [LNG power plant] will be one of the most efficient power-producing plants in South Asia which, when combined with the fuel gas from the hub terminal, will allow highly-competitive priced power to be generated and sold from the plant,” the company said.
(Published in the Manila Standard Today newspaper on /2012/June/13) source
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