Metrobank power unit to expand Panay plant

MANILA, Philippines - Panay Energy Development Corp. (PEDC), a subsidiary of the Metrobank Group’s Global Business Power Corp., is on track to jumpstarting the planned expansion of its coal-fired plant in Iloilo which is estimated to cost P6.2 billion.

PEDC wants to build a 150 MW coal-fired power plant in Iloilo, in addition to its existing 164-MW plant in Brgy. Ingore, La Paz.

“The target date for the start of the expansion project will be in October and is expected to be completed in 33 months,” the Energy department said in a report.

The company is in the process of securing an Environment Clearance Certificate (ECC), the department also said.

Once the PEDC obtains the ECC for the project, it is expected to issue the Notice to Proceed (NTP) to its contractor, the Energy department said.

The company is already in talks with probable customers in Panay.

Global Business earlier planned to construct  two units of  82 MW facilities to be completed in late 2014 but the company opted to build a  single but bigger plant of 150 MW. 

“Since Global Power acquired the 72 MW diesel plant from the Lopez Group in 2003, we have been steady with our commitment to provide adequate, reliable and cost efficient power supply to Panay. The completion of the clean coal technology (in 2011) has allowed the expansion in economic activity, improved the reliability of power supply and reduced electricity costs by at least P3 per kilowatt hour,” said Francisco Sebastian, Global Power chairman said. 

At present, Global Power has around 633 megawatts of coal and bunker plants located mainly in the islands of Panay and Cebu. It is a member of the GT Capital Group of Companies of which Metrobank is the flagship company.