GBPC draws up $1-B investment plan to boost power capacity to 1,000 MW
LA PAZ, Iloilo City, Philippines – Global Business Power Corp. (GBPC), the power generation arm of banking tycoon George Ty’s GT Capital Holdings Inc., is eyeing to bring its installed capacity to 1,000 megawatts in the next five years with an investment of $1 billion.
In a briefing yesterday following the ground breaking ceremony of Panay Energy Development Corp.’s 150-MW coal-fired power plant expansion project here, GBPC executive vice president Jaime Azurin said the company is eyeing power projects in Mindanao and Luzon.
Panay Energy is a wholly-owned subsidiary of GBPC.
“Our plan is to go to Mindanao and hopefully in Luzon. We may have to do that in phases. The minimum is 150 MW,†Azurin told reporters yesterday.
In Mindanao, the company plans to develop a 164-MW plant with Meralco Power Gen, targeted for completion in the fourth quarter of 2017.
“The target is to reach 1,000 MW installed capacity by 2018,†Azurin said. At present, the company has total installed capacity of 627 MW.
For Panay Energy’s expansion, GBPC chairman Francisco Sebastian said the company is investing P15.6 billion.
“As an affirmation of our continuing support and confidence to the economic growth and development of the Visayas region, we are investing an additional P15.6 billion to put up a single larger unit of 150 MW,†Sebastian said during the inauguration.
The company expanded the plant following a resurgence in business developments in Iloilo City and around Panay Island.
The project is targeted for completion in July 2016, with construction slated to start in July this year.
GBPC’s expansion project intends to support the increasing economic activity in Panay Island, as well as the imminent power supply shortfall in the Visayas grid by 2015, the company asid.
Citing data from Department of Energy, Panay Energy said in the Visayas region, peak in power demand is expected to hit 1,781 MW by May this year.
- Latest
- Trending
