(The Philippine Star) | Updated January 14, 2014 - 12:00am
MANILA, Philippines - President Aquino will lead today’s groundbreaking ceremony for First Gen Corp.’s third natural gas-fired power plant in Batangas City.
The President will be received by officials of First Gen Corp., led by Federico Lopez, chairman and chief executive officer (CEO); Francis Giles Puno, director, president and chief operating officer; and Richard Tantoco and Ernesto Pantrangco, executive vice presidents.
The event is expected to be attended by Jacky Chan, president and CEO of Siemens, Inc. Philippines; Rochus Bergmann, president and CEO of Siemens Energy Solutions Ltd.; and Rainer Hauenschild, CEO of Energy Solutions, Siemens AG; along with Oscar Lopez, chairman emeritus of the Lopez Group of Companies.
Aquino will be accompanied by Energy Secretary Jericho Petilla.
Earlier, First Gen said the 414-megawatt (MW) San Gabriel power plant in Sta. Rita, Batangas City, would cost $600 million.
The plant will be built next to First Gen’s 1,000-MW Sta. Rita and 500-MW San Lorenzo natural gas plants.
The Lopez-controlled firm plans to finance construction through loans and the proceeds of a recent $300-million bond offering.
First Gen earlier signed up Germany’s Siemens AG to supply the equipment and to construct the power facility. It tapped Siemens Power Operations Inc. to operate and maintain the facility for nine-and-a-half years.
First Gen targets to start commercial operations of the San Gabriel plant’s first three generating units by the second quarter of 2016. source
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