BOI grants incentives to GNPower’s 600-MW plant

The Board of Investments (BOI) has approved the application for registration of GNPower Ltd. Co.’s P43.903 billion 600 megawatt (MW) coal-fired power plant.

According to its application with the BOI, GNPower will develop, construct and operate two 300 MW clean pulverized coal-fired power plant at a 75 hectare parcel of coastal land located at Barangay Alasain, Mariveles, Bataan.

The planned plant site will be an integrated energy complex with state-of-the-art generating plants as well as modern, environmentally-compliant fuel handling facilities.

The energy complex will have a reserved space for the coal fired power plants, a liquefied natural gas (LNG) power plant and an import terminal.

The coal plants will be identical 300-MW power blocks which will use pulverized coal technology.

Imported ultra low sulfur and low ash coal will be the major fuel used throughout the life of the plant with low sulfur bunker fuel oil only used during start-up.

The coal-fired power plants will meet the forecast capacity shortage in the Luzon grid by the year 2010.

The BOI-approved GNPower coal fired power plant is on a pioneer status because of the magnitude of investment of P43.903 billion which exceeds the requirement of over P1 billion.

Likewise, power generation projects using non-renewable energy source is listed as a preferred activity under the 2005 Investment Priorities Plan (IPP).

GNPower Ltd. Co. is a 100 percent foreign-owned (Nauruan and American) company.

Its listed major stockholders (partnership) is Power Partners Ltd. Co. (99 percent) and PMR Holding Corp. (one percent).