Published
By Danny J. Estacio
Pagbilao, Quezon —
President Duterte led the inauguration last Thursday of the newly-completed 420
megawatt -Pagbilao Unit 3 power project that was developed and constructed at a
cost of $976 million (approximately P51.29 billion).
The coal-fired power generating
facility and merchant power plant is expected to boost and stabilize energy
supply in the Luzon grid, while generating billions of pesos in various taxes
for the national and local government in the coming years in barangay Polo
Grande in this town.
“The completion of this
project establishes Pagbilao Energy Corporation’s (PEC) partnership with
government in pushing the nation’s progress through a cost-effective and
reliable power plant that complies with environmental standars,” said PEC
Chairman Antonio R. Mendoza.
PEC is a joint venture
between TPEC Holdings Corporation and Therma Power, Inc., which are in turn
wholly-owned subsidiaries of Team Energy Corporation (TEC) and Aboitiz Power
(AP), respectively.
The construction of the
power facility began in December, 2014 at a location adjacent to the existing
units 1 and 2 of the Pagbilao Power Station operated by TEC. Units 1 and 2 have
total generating capacity of 735 MW.
PEC signed an omnibus
agreement to finance the construction of the Pagbilao Unit 3 project. A total
of up to P33.3-billion debt financing was secured by PEC through the joint lead
arrangers composed of BDO Capital and Investment Corporation, BPI Capital
Corporation, and First Metro Investment Corporation.
“The growth of the
Philippine economy under the administration of President Duterte will certainly
translate to a rising demand for energy in the coming years. This project
will help address the country’s development needs moving forward,” said John V.
Alcordo, president of the PEC.
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