Energy Secretary Vincent S. Perez said Harbin Power was among the companies which held talks with the Department of Energy (DOE) during President Arroyo’s State Visit in China last week.
Perez said Harbin Power’s plans was backed up by China Export Import Bank, which would come in the form of providing financing to Chinese firms’ future power projects in the Philippines.
"China EximBank said it wants to support the Chinese companies to build new power facilities in the country," he said.
The energy chief said they expect to firm up talks with China EximBank within the next 12 months.
Perez said it would take three years to construct a new power plant, adding to the urgency of such move as Luzon would be needing additional capacity by 2008 to avert a power shortage.
He pointed out that Harbin Power already has its representative office in the Philippines but has not yet entered into any power-related projects.
Harbin Power is one of China’s largest enterprises developing and manufacturing power generating equipment, warship and vessel power equipment, electrically-driven power equipment and power equipment.
The Philippine government has been encouraging foreign investors to put up much-needed capacity needed over the next few years.
Thus far, the Power Sector Assets and Liabilities Management Corp. (PSALM) – the entity tasked to handle the privatization of the National Power Corp. – has bid out only four small hydroelectric plants since it started the public auction of Napocor’s generation assets in March this year.