ABS-CBNnews.com
Posted at 08/25/2015 11:22 AM
MANILA - Semirara Mining and Power Corporation on Tuesday said it has closed a power supply agreement with Manila Electric Co. (Meralco).
Semirara said that the deal was signed through its wholly-owned subsidiary, Southwest Luzon Power Generation Corporation.
The power supply deal has a term until December 25, 2018, which may be extended up to four years.
"We disclosed that the company’s wholly-owned subsidiary, Southwest Luzon Power Generation Corporation and Manila Electric Company Local RES segment have signed a Power Supply Agreement (PSA) with a term until December 25, 2018 which may be extended up to 4 years upon mutual agreement of the parties at a total capacity of 120 MW effective March 26, 2016," Semirara said in a disclosure to the stock exchange.
Semirara, controlled by DMCI Holdings, makes up 97 percent of Philippine coal production. source
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