Meralco PowerGen Corp., San Miguel Global Power Holdings Corp., and Aboitiz Power Corp. have finalized a $3.3 billion investment in a liquefied natural gas (LNG) partnership involving two gas-fired power plants and an LNG terminal.
Three of the country’s biggest conglomerates announced Tuesday the financial close for the $3.3-billion liquefied natural gas partnership involving two gas-fired power plants and an LNG terminal.
SPPC is the owner/operator of the 1,278-megawatt Ilijan combined cycle gas power plant, while EERI is the owner/operator of the 1,320-MW combined cycle gas power plant under construction. The Ilijan Primeline Industrial Estate Corp. is the owner of the plant sites of SPPC and EERI in Batangas. Meanwhile, the deal also involved Chromite’s acquisition and SMGP’s 67 percent and 32.98 percent, respectively, of Linseed Field Corp., the owner/operator of the import and regasification LNG terminal which will process, handle and deliver the LNG requirements of the power plants of SPPC and EERI.
“The team will focus on closing punch list items for Excellent Energy and the regas facilities. The third unit of EERI is still undergoing commissioning and we expect that to be completed within February. We are also completing the first on shore tank and starter constructing the second. After these, we can then look at efficiency improvements and work to further ensure reliability for both EERI and SPPC,” Rubio said.
ENERGY INVESTMENT LNG POWER PLANTS PHILIPPINES
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