Business World Online
Posted on December 10, 2012 10:07:07 PM
ALCANTARA-LED Alsons Consolidated Resources, Inc. has inked an agreement with Toyota Tsusho Corp., giving the Japanese firm a quarter of the former’s 100% stake in Sarangani Energy Corp., Alsons said in a disclosure yesterday.
Sarangani Energy is building the first 105-MW power plant worth $310 million, 30% of which will come from equity to be infused by the two parties on a 75:25 basis and the remaining 70% to be backed by a financing facility that has yet to be finalized. The first plant should be operational by August 2015, Alsons said.
The disclosure said the 210-MW facility is expected to be part of the “long-term solution to the current power shortage in Mindanao,” which has been struggling with a power deficiency that reached 227 MW yesterday.
Sarangani Energy has a power supply agreement with South Cotabato II Electric Cooperative, Inc., under which the latter will draw 70 MW from the envisioned plant, the disclosure said.
Alcantara Consolidated controls and operates a 100-MW bunker fuel-fired plant in Zamboanga City through Western Mindanao Power Corp. and a 55-MW bunker fuel plant in Sarangani through Southern Philippines Power Corp.
Its shares gained one centavo or 0.77% to P1.31 apiece yesterday from P1.30 last Friday. -- CAMCF source
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