Filinvest group to construct 100-M hydro plant in Luzon

MANILA, Philippines - After setting up a 405-megawatt (MW) coal-fired power facility in Mindanao, Gotianun-led Filinvest group is eyeing to construct a 100-MW hydro-electric power facility in Luzon, a top company official said.

Jesus Alcordo, president & CEO of FDC Utilities Inc., the power development arm of Filinvest Development Corp. (FDC), said the construction of the hydro power plant is part of the company’s move to support the government’s efforts to promote renewable energy development in the country.

“We want  a mix of  (power) portfolio,” Alcordo said, noting that they are in the process of identifying a location for the facility.

FDC Utilities is the Filinvest Group’s re-entry into the power market. The Filinvest Group has accumulated experience in the power industry since 1995 through the ownership of East Asia Power Corp. and, eventually, the Cebu Private Power Corp. in 1998 until 2000.

Alcordo said they are still interested in putting up a liquefied natural gas facility if opportunity comes.

The group earlier decided to put in the backburner the construction of an LNG facility due to technical and pricing issues.

Alcordo said the LNG plan would be revisited once  LNG prices are pegged with petroleum prices.

“We studied LNG, unfortunately we found that for us to go ahead with LNG, we need a landed cost of $10 per million BTU (British Thermal Unit). We did not give up on that. If the opportunity comes, we’ll try to revisit our LNG strategy,” he said.

Aside from coal, LNG and hydro, FDC Utilities, is eyeing other RE-related projects to have a balanced mix in its power-generation portfolio.

Recently, the power firm  bagged a portion of the power contract for the Unified Leyte geothermal complex. If won the bid to manage 40 MW of the strips of energy offered by the government.

“We keep looking at opportunities… We’re looking at possible mergers, acquisitions, said Alcordo.

FDC Utilities is also eyeing to  develop the 20-MW Danao coal project in Danao City, Cebu and is currently constructing a 40-MW coal plant in Camarines Sur.

It is likewise developing the 20-MW  Davao del Norte 20 MW biomass/coal project in Maco, Davao del Norte.