THE board of directors of SPC Power Corp. yesterday ratified the creation of a wholly-owned subsidiary that will build a new coal plant in the City of Naga in southern Cebu.
Based on SPC Power’s disclosure to the Philippine Stock Exchange yesterday, the Cebu Naga Power Corp. will own and undertake the development, operation and management of two 150-MW coal-fired generating units to replace the old Naga power complex.
The complex, located in Colon, City of Naga, consists of the 52.5-MW Coal Thermal Power Plant (CTPP) 1 and 56.8-MW CTPP 2 plants as well as the 43.8-MW Cebu Diesel Power Plant 1 that is composed of six 7.3-MW bunker-fed generating units.
SPC Power took control of the Naga power complex in September last year after its operation and maintenance service contract lapsed.
The company topped the P1.09-billion bid of Therma Power Visayas, Inc. for the facility during the bidding held by the Power Sector Assets and Liabilities
Management (PSALM) Corp. in March last year. The Aboitiz-led Therma Power won the bidding, but the condition of the sale provided that SPC has the right to top the offer of the winning bidder.
SPC Power paid P1.14 billion for the facility. /MVI