MANILA, Philippines - Palm Thermal Consolidated Holdings Corp. (PTCHC), a subsidiary of listed A. Brown Co. and Peakpower Energy Inc., has raised its stake in Palm Concepcion Power Corp., a company that will construct and operate a 135 megawatt coal-fired power plant in Concepcion, Iloilo.
In a disclosure to the Philippine Stock Exchange yesterday, A. Brown Co. said PTCHC has subscribed to the remaining unissued shares of Palm Concepcion.
This resulted in the following equity structure in Palm Concepcion Power: PTCHC, 39.54 percent; Jin Navitas Resource Inc. (JNRI), 30 percent; and Oriental Knight Ltd. (OKL), 30.46 percent.
“Palm Concepcion is the company that will construct and operate a 135-megawatt coal-fired power plant in Concepcion, Iloilo using the circulating fluidized bed combustion (CFBC) technology,†A. Brown also said in its disclosure.
The project’s financial closure was completed in July 2013 and the commissioning of the plant is expected by mid-2016, A. Brown added.
In October, Peakpower has taken in three new investors: Enterprise Holdings Corp., World Power Alliance Ltd. and Power Mavens Holdings Ltd., A. Brown earlier said.
Enterprise Holdings will hold 20 percent while World Power Alliance Limited and Power Mavens will have 30 percent each.
Incorporated in February, Peakpower Energy, aims to have various projects designed to generate approximately 110 megawatts of peaking energy spread across various A+/Green rated electric cooperatives in Mindanao.
The company aims to enter into build-operate-maintain and transfer agreements for brand new bunker-fired engines.
At present, Peakpower is working to develop, construct and operate diesel power plants in Mindanao through Peakpower Soccsargen Inc. and Peakpower San Francisco Inc., its two subsidiaries.
A. Brown is a publicly listed company primary engaged in real estate development and agribusiness, and has recently ventured into the utilities sector particularly in power and renewable energy.