Mirant, PEZA ink pact on economic development

Mirant Philippines, a subsidiary of Atlanta-based Mirant Corporation, recently signed a memorandum of understanding (MOU) with the Philippine Economic Zone Authority (PEZA) to promote the Philippines as a prime investment destination in the Asia-Pacific region.

The MOU pioneers a new dimension in public – private sector partnerships anchored on attracting new investments and generating jobs for the Filipinos.

Under the MOU, PEZA and Mirant will work together to attract foreign direct investment into the Philippines to spur economic activities and create more jobs. This initiative targets potential investors, particularly those from the United States to relocate or set up shops in one of the country’s world-class economic zones and industrial parks.

Among the key targets are those engaged in such employment-intensive businesses as information and communication technology, high-tech electronics manufacturing, pharmaceutical and chemicals, food processing, automotive parts and assembly and garments.

Mirant Philippines is the largest private producer of electricity in the country, owning more than 2,000 MW of installed generating capacity. It owns and operates the 1,218 MW Sual Power Station in Pangasinan, the 735 MW Pagbilao Power Station in Quezon, the 310 MW Navotas I and II power stations in Metro Manila and the 15 MW SDC Power Station in San Ildefonso, Bulacan. Mirant also owns a stake in the soon-to-be operational natural gas-fired 1,200 MW Ilijan Power Plant.

Mirant is one of the world’s leading competitive energy providers with global capacity of more than 21,500 megawatts, and growing. It is a top five marketer of power and natural gas, and a top 10 generator of oil and gas in North America. Mirant is also an industry leader in energy risk management and marketing, with one of the largest commodity trading floors in the world.