by Lenie Lectura - May 8, 2016
SEM-CALACA Power Corp., a subsidiary of Consunji-led Semirara Mining Corp. (SMPC), is setting aside a budget of $150 million to $160 million to rehabilitate again the coal-power plant it bought from the government in 2009.
The plant consists of 2 by 300 megawatts (MW) units and is located in Batangas. The power plant is currently running at a 500-MW derated capacity. Once rehabilitated, it will run at 600 MW. “It used to run only at 340 MW when it was with the government. Now, it’s 500 MW. This will go up to 600 MW,” SMPC Chairman Isidro Consunji said.
The rehab could take less than a year. “Consumers will surely benefit from this, once the plant is rehabilitated,” Consunji said.
The company acquired the 600-MW Calaca plant from the government through the privatization efforts of the Power Sector Assets and Liabilities Management Corp. (PSALM) in 2009 for $361.7 million.
In December 2009 SEM-Calaca paid PSALM $150.8 million, representing a 40-percent down payment for the coal-power plant. The deal allowed the company to assume ownership of the facility.
The facility’s original 600-MW capacity dropped to 340 MW, when it was still under government management, but repairs eventually increased the plant’s capacity to 500 MW. Back then, the group spent $60 million for repairs and rehabilitation.
Semirara Mining is owned by DMCI Holdings Inc. of the Consunji Group. It is engaged in the exploration, development and mining of coal resources in the Philippines. The company holds interests in various coal resources located in Semirara Island, Caluya, Antique.
DMCI Holdings and Semirara formed SEM-Calaca to specifically handle the coal facility, as well as to acquire, expand and maintain power-generating plants, develop fuel for generation of electricity, and sell electricity to any person or entity through electricity markets.