The Electricity Generating Public Co. Ltd’s (EGCO) affiliate, San Buenaventura Power Ltd Co. (SBPL), has achieved the financial closing and the first drawdown to enable the construction commencement of the new 500 MW coal-fired power plant project in the Philippines.
455 MW of capacity and energy are contracted to the Manila Electric Company (Meralco) pursuant to a 20 year power sales agreement.
In Mauban, Quezon Province, in the Philippines on 10 December 2015, a ceremony was held to commence the construction. Scheduled commercial operation for the project is projected to be mid-2019.
SBPL has entered into the project loan agreement with a group of Philippines commercial banks comprising BDO Unibank, Inc., China Banking Corp., Metropolitan Bank & Trust Co., Philippine National Bank and Rizal Commercial Banking Corporation with the total loan commitment is 42.15 billion Philippine Pesos.
The SBPL plant will be one of the first facilities in the Philippines to use the supercritical boiler technology leading to higher efficiency and significant reductions in carbon dioxide emissions in comparison to traditional boiler technology.
Edited from press release by Harleigh Hobbs
Read the article online at: https://www.worldcoal.com/coal/08012016/egco-moving-towards-construction-of-500-mw-coal-fired-power-plant-project-in-the-philippines-21/