By Alena Mae S. Flores | Posted on Aug. 31, 2013 at 12:02am
Ayala Corp. said Friday power unit AC Energy Holdings Inc. and its partner GN Power Ltd. Co. are set to start the construction of the 405-megawatt coal-fired power plant in Kauswagan, Lanao del Norte in the first half of 2014.
“The project is currently in pre-development stage starting with clearing operations on the 60-hectare site which include the preparation of relocation sites for communities that will be affected by the construction,” Ayala Corp. said.
GN Power earlier signed a power purchase agreement involving the supply of 330 MW with 20 Mindanao electric cooperatives belonging to the Association of Mindanao Electric Cooperatives—Power Supply Aggregation Group Corp.
Agusan del Norte Electric Cooperative Inc. agreed to source 24 MW of power from the coal project once it becomes available by 2016 or 2017.
Davao del Sur Electric Cooperative will source 31 MW from GN Power.
Electric cooperatives in Mindanao established PSAGCOR to mitigate technical and financial risks in power supply contracting.
Ayala and GN Power have an existing partnership for the 600-megawatt coal-fired power plant in Bataan.
Ayala earlier said it took a 17.1-percent stake in GN Power Mariveles for $155 million. Ayala signed a sale and purchase agreement to acquire 100 percent of the interests held by an affiliate of a fund advised by Denham Capital in GNPower Mariveles. source
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