SAN Buenaventura Power Ltd. Co. hopes that the expansion of its 455-megawatt (MW) coal plant in Mauban, Quezon will be given the green light “at the soonest” by the government.
San Buenaventura is a power company majority-owned by Meralco PowerGen Corp., a unit of power distributor Manila Electric Co. (Meralco).
Meralco president Oscar Reyes said they are just waiting for the final approval of the Energy Regulatory Commission (ERC) to push forward with the expansion project.
“I think, to be fair to ERC, they really want to review it,” Reyes told reporters over the weekend.
He said they are hoping that the ERC will issue its decision on the Engineering, Procurement, and Construction (EPC) contract within the next 30 days.
Once its EPC contract is approved by the ERC, Reyes said the company will start with its fundraising activity.
“We’ll do that right after the ERC approval, we’ll go straight forward,” he said.
Reyes also said that they are targeting to finish the expansion of the San Buenaventura coal plant by 2018.
He earlier said that the San Buenaventura plant would help ensure the country’s long-term power supply.
Meralco PowerGen senior vice president Angelo Lantin earlier said the company is raising P40 billion to finance the expansion of the Mauban coal plant.
Lantin said the amount will be used to double the capacity of the existing 455-MW coal-fired power plant of Quezon Power Philippines Ltd., which is partly controlled by Electricity Generating Public Co. Ltd. of Thailand.
San Buenaventura signed a 20-year power supply agreement with Meralco for the sale and purchase of the plant’s entire output.