Aboitiz to hold 50 pct stake in project
TOKYO (UPDATE) - Tokyo Electric Power Co. said Friday it will build a new coal-fired thermal power plant in the Philippines as its first overseas investment since the nuclear disaster following the March 2011 earthquake and tsunami.
TEPCO will carry out the project at a total cost of around 100 billion yen, through a joint venture with Japanese trading house Marubeni Corp.
Local power operator Aboitiz Power Corp. will hold a 50 percent stake in the project.
The new 388-megawatt plant will be built for scheduled start of commercial operation in November 2017 within the site of another thermal power plant operated by the joint venture in Quezon Province, northern Philippines, according to TEPCO.
Mitsubishi Hitachi Power Systems Ltd. and South Korea's Daelim Industrial Co. will undertake the construction of the new plant, it said.
TEPCO and Marubeni purchased three thermal power plants in the Philippines in 2007 and have since been operating them jointly.
TEPCO is seeking to expand overseas operations under its business turnaround plan set in January as the liberalization of electricity sales planned for 2016 will further intensify competition among domestic utilities.