By Juzel L. Danganan
CEBU CITY, Oct. 13 (PNA) – GNPower Ltd. Co. is targeting to reach the financial closing of its 600-megawatt (MW) coal fired power plant in Bataan this year.
”We’re hoping to close by this year, that’s our target, at least for the first unit. 600 (MW) is about USD 1 billion, AC Energy Holdings Corp chief executive officer (CEO) John Eric Francia said in an interview at the sidelines of the APEC CEO Forum.
Francia noted that the same joint-venture partners for GNPower Mariveles Coal Plant Ltd. Co. will build the 600-MW power plant.
GNPower Mariveles is a subsidiary composed of AC Energy Holdings Corp., Power Partners Ltd. Co and Sithe Global Power LLC, which is owned by the Blackstone Group.
The CEO bared the partners will raise the entire USD 1-billion fund.
For the power plant’s turbine, he stressed the joint-venture company will tap a Western supplier.
He noted that the potential power plant will be built beside the existing 600-MW GN Mariveles and will complete its construction in 2019.
Francia said GNPower initially targeted to build a coal plant with a 1,200-MW capacity, but explained it might be constructed in phases due to lack of power supply contracts and the forecasted high capacities from other potential power plants.
Meanwhile, the CEO said 600-MW GNPower Mariveles has stabilized since its return in March. The power plant has been on and off since its commercial operations in 2014.
AC Energy Holdings Corp is the power arm of the Ayala group. (PNA)