P19.32-b Subic coal plant gets perks
The Board of Investments has approved the grant of fiscal incentives to Redondo Peninsula Energy Inc. for its P19.32-billion coal-fired power plant project in Redondo Peninsula, Subic Bay Freeport.
Trade Undersecretary and investments board managing head Elmer Hernandez said the investment would address the expected power shortage by 2012.
RP Energy, a newly formed corporation, is a 50-50 joint venture between local Aboitiz Power Corp. and Taiwan Cogeneration International Corp.
The project will generate jobs for 206 Filipinos when it starts operation in June 2011.
The company’s coal-fired power project consists of two units with combined generating capacity of 300 megawatts. The plant will utilize the latest clean coal technology of circulating fluidized bed combustion to ensure efficient, advanced, flexible and environment-friendly operation.
The project aims to provide a stable and affordable power supply to the locators of Subic Bay and Clark Freeport Zone and to its adjacent communities. It will also significantly help address the anticipated power shortage in Luzon.
The additional capacity will assure potential investors that the country will have enough supply of electricity to support the requirements of new and expanded businesses and industries in those locations.
The project secured fiscal and non-fiscal perks from the board under the pioneer status. The activity falls under the heading Energy-Power Generation Projects-Coal-fired Power plants using environment-friendly technology.
The Department of Energy has endorsed RP Energy’s project since it will be utilizing clean coal.
RP Energy will also trade its power to Wholesale Electricity Spot Market and also enter into bilateral contracts with electric cooperatives, directly connected to large industries and other economic zones in Luzon.
Aboitiz Power is a wholly-owned subsidiary of Aboitiz Equity Ventures Inc. and is the holding company of the entities engaged in the power generation and power distribution in the Aboitiz Group.
Taiwan Cogeneration International was incorporated to implement independent power plant engineering, construction, and investment projects and cogeneration turnkey construction projects overseas for its parent Taiwan Cogeneration Corp..
“It [the project] is also an indication of the continued trust of the Taiwanese investors in the Philippines. Cogen is one of the biggest companies in Taiwan. We discussed the project in the Joint Economic Conference and this project is seen to enhance cooperation between the Philippines and Taiwan,” Hernandez said.
He also said the big-ticket project only shows that the supposed slack investments registered with the board in the first 10 months of the year were merely a blip. Investments approved by the board dipped 1.8 percent year-on-year in the first 10 months of the year.
“This is evidence that investments are really coming in. We are confident we would be able to hit the target,” said Hernandez.
By Elaine Ruzul S. Ramos - Manila Standard TodayTrade Undersecretary and investments board managing head Elmer Hernandez said the investment would address the expected power shortage by 2012.
RP Energy, a newly formed corporation, is a 50-50 joint venture between local Aboitiz Power Corp. and Taiwan Cogeneration International Corp.
The project will generate jobs for 206 Filipinos when it starts operation in June 2011.
The company’s coal-fired power project consists of two units with combined generating capacity of 300 megawatts. The plant will utilize the latest clean coal technology of circulating fluidized bed combustion to ensure efficient, advanced, flexible and environment-friendly operation.
The project aims to provide a stable and affordable power supply to the locators of Subic Bay and Clark Freeport Zone and to its adjacent communities. It will also significantly help address the anticipated power shortage in Luzon.
The additional capacity will assure potential investors that the country will have enough supply of electricity to support the requirements of new and expanded businesses and industries in those locations.
The project secured fiscal and non-fiscal perks from the board under the pioneer status. The activity falls under the heading Energy-Power Generation Projects-Coal-fired Power plants using environment-friendly technology.
The Department of Energy has endorsed RP Energy’s project since it will be utilizing clean coal.
RP Energy will also trade its power to Wholesale Electricity Spot Market and also enter into bilateral contracts with electric cooperatives, directly connected to large industries and other economic zones in Luzon.
Aboitiz Power is a wholly-owned subsidiary of Aboitiz Equity Ventures Inc. and is the holding company of the entities engaged in the power generation and power distribution in the Aboitiz Group.
Taiwan Cogeneration International was incorporated to implement independent power plant engineering, construction, and investment projects and cogeneration turnkey construction projects overseas for its parent Taiwan Cogeneration Corp..
“It [the project] is also an indication of the continued trust of the Taiwanese investors in the Philippines. Cogen is one of the biggest companies in Taiwan. We discussed the project in the Joint Economic Conference and this project is seen to enhance cooperation between the Philippines and Taiwan,” Hernandez said.
He also said the big-ticket project only shows that the supposed slack investments registered with the board in the first 10 months of the year were merely a blip. Investments approved by the board dipped 1.8 percent year-on-year in the first 10 months of the year.
“This is evidence that investments are really coming in. We are confident we would be able to hit the target,” said Hernandez.
Labels: coal fired plant, cogen, power plant, subic, taiwan
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