Business Mirror
Published on Wednesday, 21 August 2013 18:05 Written by Lenie Lectura
PANAY Energy Development Corp., a subsidiary of the Metrobank Group’s Global Business Power Corp., is on track with its plan to commence construction of its 150-megawatt (MW) coal project in Iloilo in October.
Construction cost of the power plant is estimated to reach P6.199 billion.
“The target date for the start of the expansion project will be in October 2013 and is expected to be completed in 33 months,” a report from the Department of Energy said.
The coal-fired power plant will be situated alongside the company’s existing 164-MW facility in Barangay Ingore, La Paz in Iloilo.
Global Business is in the process of securing the environmental compliance certificate (ECC) while the notice to proceed for the construction will be issued to the contractor as soon as the ECC will be released.
The company earlier planned to construct two units of 82-MW facilities to be completed in late 2014, but the elevated economic activity in the island warranted the construction of a single larger plant of 150 MW.
Global Business has a portfolio of around 633 MW of coal- and bunker-fueled plants, mainly in the islands of Panay and Cebu. It is a member of the GT Capital Group of Companies of which Metrobank is the flagship company. source
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