A unit of Toyota Corp. of Japan is investing more than P1 billion for a 25-percent stake in Sarangani Energy Corp., which is building a 210-megawatt coal-fired power plant in Mindanao.
Alsons Consolidated Resources Inc., the holding company of the Alcantara Group, said it was expecting to conclude a shareholders’ agreement with Toyota Tsusho Corp., the trading firm of the Toyota Group soon.
Toyota Tsusho is a trading conglomerate operating worldwide. It is engaged in various industries, including power generation, warehousing and logistics services, the retail and sale of Toyota vehicles and parts, the manufacture and sale of metals, machinery and heavy equipment and the import and export of petroleum, coal, agricultural products, and other commodities.
Alsons chief financial officer Luis Ymson Jr. said the agreement with Toyota Tsusho over a stake in Sarangani Energy, the developer and owner of the 210-megawatt plant in Maasim, Sarangani province, was expected to be concluded within the month.
“Once the shareholders’ agreement and other necessary documents come into final effect, Alsons will hold a 75-percent equity in Sarangani Energy with Toyota Tsusho owning 25 percent,” Ymson said.
The board of Sarangani Energy approved an increase in the company’s authorized capital stock to P4.25 billion, from an initial capitalization of P5 million, to cover equity in the development, construction and operation of the coal project.
A 25-percent stake in Sarangani Energy would mean Toyota Tsusho would infuse about P1.06 billion in the company.
The first phase of the Sarangani Energy power plant will generate 105 MW. Sarangani Energy already has a power sales agreement with the South Cotabato II Electric Cooperative Inc. covering up to 70 MW of electricity.
South Cotabato II Electric is the power distribution utility servicing the entire province of Sarangani, General Santos City, and two key municipalities in South Cotabato.
South Cotabato also signed a supply agreement with Agusan del Norte Electric Cooperative Inc., Agusan del Sur Electric Cooperative Inc. and Davao del Norte Electric Cooperative Inc.
Sarangani Energy started the design and engineering process for the plant construction in June. The first phase of the plant is expected to begin operations by early 2015.
The power plant, with a full two-phase capacity of up to 210 MW, aims to provide a long-term solution to the current power shortage in Mindanao.
The Alcantara Group also controls and operates the 100-MW bunker-fired power plant of Western Mindanao Power Corp.in Sangali, Zamboanga City and the 55-MW bunker-fired power station of Southern Philippines Power Corp. in Alabel, Sarangani.
The group is also developing the 100-MW San Ramon Power Inc. plant in San Ramon, Talisayan, Zamboanga City, which will supply electricity to Zamboanga City and nearby areas. source
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