Manila Standard Today
SMC Global Power Holdings Corp., the power generation unit of conglomerate San Miguel Corp., is spending P90.4 billion between 2011 and 2016 to build four greenfield power projects in Cavite, Northern Leyte, Bulacan and Davao.
SMC Global Power said in a filing with the Securities and Exchange Commission it planned to put up two 150-megawatt, coal-fired power plants in Ternate, Cavite and another 150-MW coal station in Northern Leyte. The company plans to complete the power plants by the first quarter of 2015.
SMC Global Power also plans to build power projects in Bulacan and Davao for completion by 2016.
“Approximately P90.4 billion will be required for the development of the following Greenfield projects: Cavite Phase 1, Leyte, Bulacan and Davao power projects,” the company said.
SMC Global Power said it would continue buying existing power plants, inlcuding the Naga Power Plant Complex and the Unified Leyte Geothermal Power Plant.
SMC Global Power expects capital expenditures in 2011 and 2012 to reach P9.3 billion and P26.3 billion, respectively.
The construction of greenfield power projects and acquisitions of existing generating plants are in line with the company’s plan to double its existing capacity to 6,000 MW from 3,000 MW. Jenniffer B. Austria
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