New P25-B power plant to rise in Naga in 2019
The old Cebu Thermal Power Plants 1 and 2 in the Naga Power PLance Comple will be demolished in july.
Old thermal power units to be demolished in July
Anew 300-megawatt coal plant will replace the old coal-fired generating units in the Naga power complex by late 2019.
SPC Power Corp. chairman Alfredo L. Henares said they will invest $579 million, or roughly P25 billion, in two 150-MW circulating fluidized bed combustion coal-fired units in Naga.
He said the old coal-fired Cebu Thermal Power Plant 1 and 2, which form part of the existing Naga power complex, will be demolished starting July this year.
Henares said a feasibility study on the new facility is targeted to be completed by October this year. Construction will start in 2016.
“On this site will rise a new 2×150 MW CFBC coal-fired power plant, which will replace the existing old coal thermal power plant 1 and 2 which we will demolish starting July this year,” Henares said during the stockholders’ meeting yesterday.
SPC was awarded the Naga power complex last year. The company paid the Power Sector Assets and Liabilities Management (PSALM) Corp. P1.4 billion for the Naga complex in August 2014.
The Naga complex consists of the 105-MW CTPP 1 and 2, 43.8-MW Cebu Diesel Power Plant and 55-MW Land-based Gas Turbine plants.
Henares said SPC has also allotted P1.5 billion this year for the development of a small power plant in Luzon.
The company is eyeing two more power plant projects still in Luzon within the year as part of efforts to become a national player in the power generation sector.
SPC will also participate in the bidding for the STEAG State Power, Inc. coal plant in Cagayan de Oro and the Unified Leyte Geothermal Power Plant in Leyte.
“We want to be a national player that is why we want to have power plants in Luzon, Visayas and Mindanao. Right now we are only in Visayas,” Henares said.
Henares said they were also looking at wind power generation projects in the Visayas and Luzon.
“The one in Visayas is in Guimaras. That is still in active discussion now. We have been wanting to get into the renewable sources also to diversify our portfolio,” he said.
The company reported a net income of P1.5 billion last year, a 51.6 percent growth from P996.8 million in 2013.
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