(The Philippine Star) | Updated September 9, 2013 - 12:00am
If the project fails to attract investors, PNOC-EC may put the project on hold, PNOC-EC president Pedro Aquino told reporters.
“We’re trying to attract investors to join us but it seems that under the new NEDA guidelines, it’s not that easy,” Aquino said.
The two projects are two mine-mount coal-fired power plants in Isabela and in Zamboanga Sibugay. Each plant has a capacity of 100 megawatts.
PNOC-EC has tapped The Lantau Group as transaction advisor for the two projects. The company needs to conduct the international competitive bidding for its joint venture projects as mandated under existing rules.
“On a stand alone, I don’t think we can do it. The window is at the end of the year. We will put this on hold (if we don’t find a partner),” Aquino said.
For the Isabela power plant, the partner will be in charge of the mine and power development component.
The Isabela power plant is intended to utilize the lignite coal within PNOC EC’s coal concession in the area which has reserves estimated to be sufficient for a 100MW station, the company said.
Furthermore, the partner is expected to operate the power station and market the generated electricity.
The proposed power project in Zamboanga Sibugay, meanwhile, will utilize the bituminous coal reserves from PNOC EC’s Malangas coal mines, the company said.
Coal reserves from this area are estimated to be sufficient for a 50-100 MW station.
As with the Isabela plant, the partner for this plant will be involved in the development and operation of the power plant as well as marketing the generated electricity to buyers. source
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