(The Philippine Star) | Updated October 23, 2013 - 12:00am
MANILA, Philippines - First Gen Corp., the power generation arm of the Lopez Group, will tie up with TeaM Energy and the Aboitiz Group in the $700-million expansion of the Pagbilao coal-fired power plant in Quezon province, its top official said.
First Gen president Francis Giles Puno said the company is interested in taking a minority role in the consortium as part of efforts to expand its capacity given the growing energy demand.
“Yes, we would like to participate. We’re looking at participating a little less than 20 percent,” Puno said.
He said although First Gen is focused on natural gas plants, securing a minority stake in the project would allow the renewable energy producer to gain more capability in building coal power plants.
“There’s really a need for additional capacity because demand is growing as a result of the positive economic growth. What that means is there is really a need for new capacity,” he said.
At present, the consortium of Aboitiz Power and TeaM Energy is finalizing the engineering, procurement and construction (EPC) contract for the expansion of the plant.
Puno said once the consortium has reached financial closing, First Gen has the option to participate in the expansion project.
Construction is expected to start soon to complete the expansion by 2017. source
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