Olongapo SubicBay BatangGapo Newscenter

Friday, August 22, 2008

Construction of Subic coal power plant to start

Redondo Peninsula Energy Inc. expects to start construction of a 300-megawatt, coal-fired facility in Subic Bay, Zambales by October immediately after securing an environmental clearance certificate from the government.

Aboitiz Power Corp. vice president Wilfredo Bacareza Jr. told reporters that Redondo Peninsula was waiting for the release of the certificate from the Environment and Natural Resources Department and the Subic Bay Metropolitan Authority. The power plant is expected to cost $450 million to $500 million.

“We’re still waiting for the ECC, because we want to make sure that we are compliant with every environmental regulation. Once the ECC is issued, we will consult with the stakeholders and proceed afterwards with the plant construction,” Bacareza said.

Aboitiz Power and and Taiwan Cogen International Corp., a subsidiary of Taiwan Cogen Corp., jointly own Redondo Peninsula.

“If we could start the construction this year, it would be completed in three years in time for the projected power demand for that period. We hope to secure the ECCs,” Bacareza said.

Senator Richard Gordon, local government officials and representatives from environmental groups yesterday inspected the 50-MW coal plant of Formosa Heavy Industries Inc. in Subic.

The coal power plant is being run by Asia Pacific Energy Corp., which is majority owned by Formosa.

Formosa bagged the $500-million contract to build the Subic power plant of Redonndo Peninsula.

Formosa owns and operates over 14,000 MW of coal-fired plants in Asia, mainly in Taiwan, China and Vietnam. It belongs to the Formosa Group of Companies, a global conglomerate and one of the largest plastics and petrochemical companies in the world.

Bacareza, meanwhile, said his company was negotiating with several local and foreign banks to finance the 300-MW project, which can be expanded to 600 MW.

The initial 300-MW plant can utilize local and imported coal.

“The new plant will help clean up the environment, create and retain jobs, and provide a reliable supply of power for the Luzon grid,” the Aboitiz executive said. By Alena Mae S. Flores - Manila Standard Today

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