Three foreign and local investors have expressed interest in teaming up with PNOC-Exploration Corp. for 200-megawatt coal power projects in Zamboanga Sibugay and Isabela.
“At least three [expressed interest] but we are not at liberty to disclose as [there is] no commitment yet. These are domestic and foreign firms,” PNOC Exploration vice president Joseph Omar Castillo said.
Castillo said PNOC Exploration was set to select on Aug. 6 the transaction advisor who would help the company select joint venture partners for the development of mine-mouth power plant projects.
The two mine-mouth coal power plants are estimated to cost $400 million.
Castillo said more companies were expected to express their interest in the projects once the joint venture terms were finalized by the transaction advisor.
“Crafting lucrative joint venture terms will be part of work of our transaction advisor,” he said.
The technical advisor will be given 135 days to select PNOC Exploration’s joint venture partner for the two coal projects.
“We just want minority [stake in the joint venture] so PNOC EC’s [interest] is up to 49 percent only,” Castillo said.
He said PNOC Exploration was optimistic it could find a competent joint venture partner for the power projects.
“There are many prospective partners and competitive bidding is best way to get the best deal,” he said, adding the company may select a joint venture partner within 100 days from the selection of the transaction advisor. source
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