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Aboitiz, Vivant to put up power plant in Cebu |
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Tuesday, 25 December 2007 23:35 |
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A JOINT venture was forged between Aboitiz Power Corporation (AP) and Vivant Energy Corporation (Vivant) for the construction of US$400 million new coal-fired power plant in Toledo City, Cebu.
AP and Vivant of the Garcia group formed the joint venture company Abovant Holdings, Inc. (Abovant).
This is pursuant to the memorandum of agreement (MOA) signed with the Metrobank Group's Global Business Power Corporation (Global Power) in August 2007.
Aboitiz controls 60 percent of Abovant, while Vivant owns 40 percent.
Abovant will invest, together with Global Formosa, a joint venture between Global Power and Formosa Heavy Industries, in a new 246-megawatt (MW) coal-fired power plant in the existing Toledo Power Station.
Last Wednesday, Abovant and Global Formosa signed on Wednesday a shareholders' agreement to form a joint venture company that will develop, construct and own the coal-fired power plant. Abovant and Global Formosa will own 44 percent and 56 percent, respectively, of the joint venture company.
The power plant will break ground in 2008 for completion in 2010.
The 264-MW plant will meet the increasing demand for power in Cebu that is growing at about nine percent per year.
Power generated from the plant, which will be located in the island of Cebu, will provide the much-needed security to power supply in the province in the coming years.
Additional power will be needed with the influx of Business Process Outsourcing companies (BPOs) and new hotels in the province, as well as the presence of large industries in the Toledo-Balamban area. These include Atlas Consolidated Mining and Development Corporation in Toledo, the shipbuilding facility of Tsuneishi Heavy Industries and the modular fabrication facility of Metaphil International in Balamban.
Global Power's Toledo Power Company supplies electricity to Visayan Electric Company (Veco) and Cebu 3 Electric Cooperative (Cebeco 3) from its 70-MW coal plant and 40-MW diesel plant.
Formosa Heavy Industries, which has a portfolio of modern, efficient and clean coal-fired power plants in Taiwan, the US, Indonesia and the Philippines with aggregate capacity of 14,000 MW, will act as engineering, procurement and construction (EPC) contractor and technical partner for the power plant.
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