Published November 27, 2016, 10:01
PM By Myrna
V. Velasco
Global Business Power Corporation
(GBPC) will be tapping a third company that will complete its proposed
600-megawatt coal-fired power project in Luna, La Union.
According to GBPC Executive Vice
President Jaime T. Azurin, the third partner “will be a local company” but when
asked on the identity of the firm, he just told media that “we will surprise
you.”
For now, what is certain for equity
take in the project is its cemented partnership with affiliate Meralco PowerGen
Corporation.
The La Union coal-fired power
facility will be GBPC’s first venture for the Luzon grid – after concentrating
much of its investment efforts in the Visayas for some years.
With structural change in the
company’s ownership that effectively bequeathed control to the Pangilinan
group, Azurin indicated that higher degree of investment diversification
geographically seems imminent.
At this stage, GBPC President
Rolando T. Bacani said they are now in talks with three groups for the
engineering, procurement, and construction (EPC) contract of the project.
“We are having discussions with
various groups for EPC,” he said, adding that these are Chinese, Japanese,
Korean and European turnkey contractors of power projects.
The project sponsor-firm will work
next on the funding based on 70:30 debt-to-equity ratio. The facility is
estimated to cost $1.2 billion, but the final project financing shall depend
largely on the EPC contract that they will eventually corner.
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