TVI to build P41 billion Toledo power plant
IN line with its goal to expand its coal-fired power projects, Vivant Integrated Generation Corp. (VIGC), a unit of listed power firm Vivant Corp., has acquired a 20 percent stake in Aboitiz-led Therma Visayas, Inc. (TVI).
TVI is the firm in charge of the construction and operation of a P41 billion 300-megawatt (MW) coal-fired power plant in Barangay Bato, Toledo, Cebu City.
VIGC has signed a shareholders agreement with Aboitiz-led Therma Power Inc., the parent of TVI, paving the way for its involvement in the construction and operation of the P41 billion Toledo plant.
“The agreement involves the entry of VIGC into TVI for a 20 percent equity stake,” Vivant said.
The 300-MW Toledo plant is expected to start operations in the third quarter of 2017. It will have two steam turbines, each with 170-MW capacity, as well as two circulating fluidized bed boilers.
The coal-fired power plant will generate 1,500 jobs during its construction, and will create 150 permanent jobs upon start of operations.
Therma Power is a wholly owned subsidiary of listed power company Aboitiz Power Corp., which is a unit of the Aboitiz family holding firm Aboitiz Equity Ventures Inc.