Ayala unit signs $1-B deal for Mindanao thermal plant
MANILA, Philippines – Ayala Corp.'s power unit AC Energy Holdings Inc. and Power Partners Ltd. Co. (PPLC) have signed a deal with Shanghai Electric Power Construction Co. for a $1 billion thermal plant in Mindanao.
Through its joint venture GNPower Kauswagan Ltd. Co., AC Energy and PPLC executed the engineering, procurement and construction contract for the facility in Kauswagan, Lanao Del Norte.
Construction for the 4x138 megawatt thermal facility is scheduled to begin by the fourth quarter of this year and is expected to be completed within three years.
The plant’s first unit will be operational by early 2017.
“We recognize that Mindanao is in dire need of power and we are keen to provide the needed capacity at very reasonable and affordable terms,” AC Energy president and chief executive John Eric Francia said.
“We are also excited about this new addition to our growing pipeline of power projects. This puts us on track to achieve our goal of developing over 1000 megawatts of attributable capacity both in conventional and renewable technologies by 2016,” he added.
The thermal plant will be equipped with cutting-edge equipment, including four Siemens steam turbines and generators manufactured in Germany.
Shanghai Electric Power Construction Co. is a subsidiary of Power Construction Corporation of China.