By Alena Mae S. Flores Posted on Mar. 04, 2013 at 12:01am
First Gen Corp. will spend $2.3 billion for a 1,300-megawatt expansion of its energy projects in the medium term period.
The Lopez-controlled energy producer said the expansion program would include the construction of a liquefied natural gas import terminal.
First Gen president Francis Giles Puno told reporters the San Gabriel expansion would be located alongside the company’s existing Sta. Rita and San Lorenzo natural gas facilities in Batangas.
Puno said the first phase of the expansion involved the construction of a 100-MW natural gas-fired plant (aero derivative units) that would run as a peaking plant. It is expected to be completed next year.
“It’s [San Gabriel] coming in three phases. First phase is 100 MW because we see that there is potential requirement for more supply sooner than later,” he said.
“The first phase is roughly about $100 million, so we can probably utilize internally generated cash and some additional debt. We’re hoping to get it done by the summer months next year when the critical period is, [or] when the hydro plants suffer,” Puno said.
He said the second phase involved a 400-MW expansion, which would depend on the company’s ability to contract additional gas coming from the Malampaya gas field operated by the Shell Philippines Exploration B.V. consortium. The 400-MW expansion is estimated to cost $400 million.
The Malampaya gas field in northwest Palawan fuels two of First Gen’s natural gas-fired power plants, including the 1,000-MW Sta. Rita and 500-MW San Lorenzo power plants. source
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