By Alena Mae S. Flores Posted on Feb. 01, 2013 at 12:01am
The Board of Investments approved the application for tax incentives of Redondo Peninsula Energy Inc., which is building a 600-megawatt coal-fired power plant at the Subic Bay Freeport Zone.
RP Energy president Aaron Domingo said the company received the notice of approval for the $1.28-billion project from the BoI on Jan. 28.
RP Energy is a joint venture between Manila Electric Co.’s wholly-owned subsidiary Meralco PowerGen Corp.; Therma Power Inc., a unit of Aboitiz Power Corp.; and Taiwan Cogeneration Corp.’s subsidiary Taiwan Cogeneration International Corp. Meralco PowerGen is the majority shareholder of the joint venture.
The BoI gave RP Energy non-pioneer status incentives, which makes the company eligible for a four-year income tax holiday, duty-free importation of equipment and spare parts and other application incentives under Executive Order 226.
“The approval certifies that the project is viable, environment-friendly and will contribute to the economic growth of the country through the supply of competitively-priced power,” Domingo said.
RP Energy applied for BoI registration as early as in May 2012.
The Subic Bay project will use two single high-efficiency 300-MW units for a total net generating capacity of 600 MW.
RP Energy earlier received an amended environmental compliance certificate for the coal project, amid protests of several groups.
“The issuance of the amended ECC is a major milestone towards the completion of the project that we hope will ease the burden of Filipino consumers who need stable, reliable, environmentally-responsible and cost-efficient power in their homes and businesses,” Domingo said.
Domingo said RP Energy was finalizing negotiations with the selected engineering, procurement and construction contractor for the Subic project. source
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