Alsons in talks with Thai, Japanese firms for power project

ABS-CBN News

Posted at Nov 21 2011 12:23 PM | Updated as of Nov 21 2011 08:25 PM

MANILA, Philippines - Listed firm Alsons Consolidated Resources is in talks with Thailand's Electricity Generating Company and Japan's Toyota Tsusho Corp. for a possible partnership in the 200-MW coal-fired power plant project in Maasim, Sarangani province.

In a disclosure to the Philippine Stock Exchange, Alsons chief financial officer Luis R. Ymson Jr. said it was in partnership discussions with EGCO and Toyota Tsusho, the trading company of the Toyota Group, for the power plant project being undertaken by its subsidiary Sarangani Energy Corp (SEC).

"Some Philippine and other foreign business groups have likewise expressed interest in partnering with Alsons in this and other power projects the group is envisioning which are meant to cover the looming acute power shortage in Mindanao," Ymson said.
 
"The company's strategy is to replace existing diesel plants in locations where these are now embedded with coal-fired power plants using circulating fluidized bed boilers with capacities of 200-MW in Sarangani and 100-MW in Zamboanga," he added.

The possible entry of new partners for the project will be subject to approval by the Alsons board.

The Alcantara-led Alsons has also awarded the engineering, procurement and construction contract for the first 100MW power plant in Saranggani to Korean company Daelim Industrial Co. Groundbreaking for the project is scheduled on November 25.

Alsons has signed a power supply agreement with SEC "to assure there will be an offtake for the plant's capacity."