MANILA, Philippines - Semirara Mining Corp. has received approval from the Securities and Exchange Commission (SEC) for the incorporation of two power units.
In a disclosure to the Philippine Stock Exchange yesterday, Semirara said the SEC approved the incorporation of SEM-Balayan Power Generation Corp., and St. Raphael Power Generation Corp.
“The two companies were incorporated to be the project companies in connection with the power plant expansion in Calaca and Balayan, Batangas,†Semirara said.
Semirara Mining is owned by DMCI Holdings Inc. of the Consunji Group. It is a publicly listed company that has significant coal resources and reserves to supply a growing demand for clients in various areas including Cebu and Panay.
Last May, Semirara announced plans to undertake repairs on its 600-megawatt coal-fired power plant in Calaca and Balayan in Batangas this year.
The company is eyeing to expand the facility by another 300 or 400 MW starting in the third quarter of the year, with the aim of completing the expansion in two and a half years.
Semirara Mining, through DMCI Holdings Inc, acquired the Calaca plant from the government through the privatization efforts of the Power Sector Assets and Liabilities Management Corp. (PSALM) in 2009.
The company acquired the facility for $361.7 million. The facility’s original 600 MW capacity dropped to 340 MW when it was still under government management but repairs eventually put the plant back to its original capacity. DMCI has spent $60 million for repairs and rehabilitation.