ABOITIZ Power Corp. (AboitizPower) subsidiary Therma Visayas Inc. (TVI) has started construction of its 340-megawatt (MW) thermal power plant in Toledo City, Cebu.
The power plant is a joint venture between TVI and Vivant Corp. (Vivant).
In a disclosure to the Philippine Stock Exchange (PSE), AboitizPower said the power plant, which will have a net capacity of 300 MW, is scheduled for completion in early 2018.
“The notice to proceed to contractors was issued in March 2015,” AboitizPower said in its disclosure.
Therma Visayas president and chief operating officer (COO) Benjamin Cariaso Jr. said the power plant will partly fill the need of Cebu and the Visayas for reliable base load power.
“Cebu and the Visayas Region have achieved rapid growth in their economy and in order to sustain this momentum, reliable power is needed,” Cariaso said.
Cariaso added that Therma Visayas will improve the region’s energy mix through a dependable base load power, securing the energy needs of the region.
Therma Visayas last year signed an Engineering, Procurement and Construction (EPC) contract with Hyundai Engineering Co., Ltd and Galing Power Energy Co, Inc. for the construction of the power facilities, which will be built in Sitio Looc, Brgy. Bato, Toledo City, Cebu.
The project’s generating equipment will consist of two units of 170-MW steam turbines which will utilize the latest circulating fluidized bed (CFB) boilers. This ensures that the power plant will meet government standards on health, protection of the environment and safety.
Therma Visayas is targeted to go online by the first quarter of 2018.
The project is expected to create over 2,500 new jobs during construction, and more than 150 new permanent jobs during operation.
Therma Visayas is a joint venture between listed companies Aboitiz Power Corp. and Vivant Corp., through Vivant Integrated Generation Co. and Vivant Energy Corp. Aboitiz Power Corp., meanwhile, is the power unit of the Aboitiz Group.