Monday, February 4, 2008
The consortium led by Global Business Power Corp. of the Metrobank Group has started the construction of a $500-million, 264-megawatt (mw) coal-fired power plant in Toledo City, Cebu.
The group, which include Taiwan’s Formosa Heavy Industries Corp. and Cebu-based power firms Aboitiz Power Corp. and Vivant Power Corp., said the project’s groundbreaking shows their commitment to help solve the inadequate power supply in the province.
Cebu has a total power demand of around 460 mw, a nine-percent increase from the 2007 figures. At present, the province still imports power from the geothermal power plant in Leyte through submarine transmission cable.
Due to Cebu’s dependence on the Leyte geothermal power plant, any disruption from the power source or the transmission facility will cause power shortage that will, in turn, result in brownouts in the province.
The new state-of-the-art power plant to be built in Sangi, Toledo will have three 82-mw capacity generators. These power generators will use circulating fluidized bed clean coal technology, which will ensure that sulfur oxide and nitrogen oxide emissions meet World Bank standards.
The project is set to be completed by the first quarter of 2010.
The Toledo power plant project is the Metrobank Group’s latest investment in this Visayan province. Federal Land Inc., the property arm of Metrobank Group, and Asian Pacific Top Management Corp. have already embarked on a P500-million facelift of the former Cebu Plaza Hotel in Cebu City.
Federal Land started refurbishing and further developing the Cebu hotel property in late 2005 under a management contract that tapped the Marco Polo Hotel Group to operate the hotel. It is now known as the Marco Polo Cebu Plaza Hotel.
“Cebu is a major business hub and leisure destination in the country,” said Metrobank Group chairman Dr. George S.K. Ty. “We recognize the potential of the province and these investments are our contribution to the continued development of Cebu in particular, and to the country’s power and tourism industries in general.”
Global Power president Jesus Alcordo said the proposed power plant will also supply power to Negros and Panay Island.
Alcordo said the Cebu-Negros-Panay grid is facing a power crisis that will adversely impact on the economy of the three islands if the supply problem is not immediately addressed.
Taiwan’s Formosa, which will act as engineering, procurement and construction (EPC) contractor and technical partner for the power plant, has acquired the technology of an advanced fluidized bed boiler that will address the need for environment protection.
Global Power is a holding company that owns the Toledo Power Co. in Sangi and three other power companies, mostly in the Visayas. The Aboitiz Group has major investments in power generation and distribution and the Garcia-owned Vivant has also been in the power business for many years.
[ Published by : philstar.com ] February 4, 2008
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