By Lenie Lectura - February 22, 2017
DMCI Power Corp. (DPC) is pouring in P1.2 billion this year to finance a number of power projects.
DPC President Nestor D. Dadivas said the amount is meant to augment the power firm’s existing generation capacity and to implement its scheduled maintenance programs in the provinces of Masbate, Oriental Mindoro and Palawan.
The company will partly tap local banks, such as BDO, BPI and PNB, to finance its investment.
“It will be financed via short-term debt and equity. These are our usual bank partners. We also received an offer from China Bank,” Dadivas said.
DMCI Power, he said, normally is able to repay short-term debts in less than two years.
“What we do is when we have generated enough internal fund, we immediately pay our loan. It normally takes us one year and three months to be able to pay short-term debts,” he said.
DPC recently purchased a 3×1.23-megawatt (MW) diesel-generating set that will be installed in Mobo, Masbate. The backup gensets will ensure a steady supply of reliable electricity in the province during the summer season, when power demand is at its peak.
The gensets will guarantee the availability of power supply when DPC units undergo scheduled maintenance in October and November. The units are expected to be operational by the first week of April.
Following the successful commercial operation of its Aborlan bunker-fired plant in December 2016, DPC is also finalizing its plan to construct another bunker-fired power plant in Puerto Princesa, Palawan. The facility will have a rated capacity of 18.9 MW.
“DPC is committed to providing sufficient, reliable electricity to our host provinces. We want to aid their progress so we can continue creating shared value,” Dadivas said. DPC was established in 2006 to provide sufficient and reliable electricity to areas not connected to the main transmission grid.