Romero family eyeing power sector

MANILA, Philippines — After establishing its presence in the port and airline industries, the family of Rep. Michael “Mikee” Romero is looking to conquer the country’s energy sector next.

The Romero group is lining up a number of projects in the power sector that would consist of acquisition of existing assets and construction of new facilities. It would also include a first of its kind energy project in Mindanao.

“Me and my wife’s businesses are now heavily on airline, heavily on ports. I built two of the biggest ports in the Philippines. Our power business is the business that I’m very, very excited,” Romero said.

“My concentration is really on the power sector. We want to be one of the players in the energy sector,” he said.

Romero said his group is eyeing to have a portfolio capacity of between 300 megawatts (MW) and 350 MW by next year that is composed of a mix of renewable and coal.

Its investments in the power sector will likely be consolidated into a holding company to be called One Power.

“Currently we’re buying one hydro and we’re finalizing one and we’re putting up another renewable energy, 100 MW. And of course our crown investment, which is operating the whole Zamboanga Electric Co,” Romero said.

Romero said his group would also bid for the 650-MW Malaya Thermal Power Plant which it intends to convert into a liquefied natural gas plant.

Located in Pililia, Rizal, the Malaya TPP consists of a 300-MW unit with a once-through type boiler and a 350-MW unit fitted with a conventional boiler.

Romero said they would also be putting up a couple of power plants in Mindanao, including one that would surprise a lot in the power sector. 

“There’s a big, big surprise next year. It will be the first of its kind. This is in Mindanao,” he said.

The Romero family, through F&S Holdings, recently bought out the only other remaining Filipino shareholder in budget carrier AirAsia Philippines, raising its total stake in the company to 60 percent.

Aside from AirAsia, Romero is also in the ports business through the Globalport 900 Group, the country’s biggest seaport conglomerate, as well as holding company Sultan 900, and Manila North Harbour Port Inc.