The generation subsidiary of publicly-listed Vivant Corporation has preliminarily sealed a partnership arrangement with Abaya-led Mindanao Energy Systems Inc. (Minergy) for prospective power development in the southernmost grid.
In a disclosure to the Philippine Stock Exchange, Vivant noted that the deal involves “possible equity investment in Minergy’s future power generation projects.”
The corporate vehicle which inked the memorandum of agreement (MOA) with Minergy is Vivant Integrated Generation Corporation.
In the blueprint for Minergy is a 110-megawatt coal fired facility, which was designed to be undertaken in two phases at 55MW capacity each and will be equipped with circulating fluidized bed (CFB) combustion technology.
Its targeted off-taker (or buyer of capacity) will be its affiliate distribution utility – Cagayan Electric Power and Light Company Inc. (Cepalco).
Power plant developments in the grid are expected to continue because the facilities coming on stream by 2015 would still not be enough to sustain the area’s long-term energy needs.
Minergy also expanded its diesel plant last year to 43MW so it can partly cater to the additional needs of the supply-scant Mindanao grid.
The company’s first plant which was underpinned by policies set for independent power producers (IPPs) essentially catered to the requirements of Cepalco, primarily at the height of the power crisis in the 1990s.
On its own, Vivant is similarly into array of power plant developments – both for on-grid and off-grid end-users. It has been firming up tie-up arrangements with various partners for these projects.
The company has also been bracing through competitive streaks in the deregulated power industry with its asset acquisitions from the government’s privatization undertakings. source
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