by Alena Mae S. Flores – September 29, 2016 at 11:30 pm
from Manila Standard Today
Aboitiz Power Corp., the power generation arm of the Aboitiz Group, expressed interest to acquire Sithe Global’s stake in the 600-megawatt power plant of GN Power Mariveles in Bataan province.
“As a player in the power industry, we feel it’s incumbent on us to explore all opportunities that present themselves which will lead to our continued growth,” Aboitiz Power president Antonio Moraza said.
Aboitiz Power, whose shares are listed at the Philippine Stock Exchange, is one of the country’s biggest power players with a target to achieve 4,000 MW of installed capacity by 2020.
Aside from Sithe Global, other equity owners of the project are Ayala Corp.’s AC Energy Holdings Inc. and GN Power.
Sithe Global’s website showed the Mariveles power plant had the lowest marginal operating cost compared to any coal project in the Luzon grid.
The Mariveles power plant consists of two identical 300-MW power blocks using proven pulverized coal combustion technology.
The plant was designed to meet the more restrictive Philippine and World Bank emissions standards while selling power to offtakers under long-term power purchase agreements and to the Wholesale Electricity Spot Market.
The plant sources its coal fuel requirements under a long-term offtake agreement with an Indonesian supplier.
Sithe Global, together with partners AC Energy and GN Power, is also developing the 1,300-MW Dinginin power plant in Bataan.