By Alena Mae S. Flores Posted on Mar. 21, 2013 at 12:01am
Listed A Brown Co. Inc., through wholly-owned unit Peakpower Energy Inc., will put up a 20.9-megawatt power plant in Mindanao to serve the requirements of South Cotabato II Electric Cooperative Inc., or Socoteco II.
A Brown disclosed to the Philippine Stock Exchange it signed a power supply and transfer agreement with Socoteco II on Wednesday, in which Peakpower will build-operate and maintain-transfer the 20.9-MW bunker-fired power plant in the franchise area of the electric cooperative.
“This decision to build power generation facilities is our way of contributing a solution to the power problem in Mindanao,” Peakpower president Roel Castro said in a statement.
A Brown, through unit Palm Thermal Consolidated Holdings, is the developer of the 135-MW, coal-fired power plant project in Iloilo province.
A Brown last month received approval from the Securities and Exchange Commission to incorporate Peakpower Energy. A Brown subscribed to 40 million common shares of Peakpower, representing 100 percent of the outstanding capital stock.
Castro said A Brown was pleased with the results of the negotiations while Socoteco welcomed the offer “as a means of ensuring their peaking capacity requirements given the demand in their franchise area.”
“We found the contract advantageous to the electric cooperative, given the reduction in our supply contracts with National Power Corp. and a huge peaking requirement,” Elenito Senit, Socoteco II president, said.
Mindanao’s power supply is short of more than 250 megawatts as of Wednesday. Mindanao’s system capacity stands at only 910 MW against a system peak demand of 1,168 MW. source
No comments:
Post a Comment