by VG Cabuag - July 14, 2016
CONGLOMERATE San Miguel
Corp. on Thursday said it is selling a 49-percent stake of its
coal-fired power plant in Limay, Bataan, to local cooperatives even before it
starts to operate.
San Miguel President and CEO Ramon
S. Ang said on the sidelines of the stockholders’ meeting of Top Frontier
Investment Holdings Inc. said its circulating fluidized bed (CFB), or clean,
coal-fired plant in Limay is now open for acquisition.
“We are now in talks with some
cooperatives that buy electricity from us. We can no longer offer it [power
plant] to any other person or entity. They [the cooperatives] are our
priority,” Ang added.
“Yes, it is for acquisition,” Ang
said, when asked whether the talks involve the acquisition of the plant itself,
or only the supply of the electricity being produced by the power plant without
going into details, such as the amount of consideration involved in the
negotiation.
The power plant will generate a total
of 900 megawatts, and is still under construction and on track to complete it’s
first phase this year.
With the 49-percent sale, the
company’s power arm SMC Global Power Corp. will remain the majority owner by
holding the remaining 51-percent interest.
Ang earlier said the plant costs
about $2-million investment per megawatt as against the $1-million
investment per megawatt for an ordinary coal plant.
Last May Ang announced his group’s
plan to build two more power plants in Luzon and three in Mindanao, with an
aggregate capacity of 1,200 MW for around $4.2 billion.
In Luzon SMC Global would build and
operate four 150-MW CFB coal-fired plant in Pagbilao, Quezon. It will build
another plant with the same specifications in Mariveles, Bataan.
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