MANILA Nov 12 The power unit of the
Philippines' largest bank, Metropolitan Bank & Trust (MBT.PS),
said on Monday it would sign two deals worth $500 million with
Taiwan's Formosa Heavy Industries to jointly build coal-fired
Global Power Resources Corp said the coal-run plants to be
built at its power stations in Cebu City and Panay island, in
the centre of the Philippines, will have a generation capacity
of 246 megawatts and 164 MW, respectively.
Jesus Alcordo, president of Global Power said the new
coal-fired plants were meant to ensure a stable and steady
power supply in the central Visayas region.
Construction for the new plants in Cebu and Panay will
start in January and March 2008 respectively, Alcordo said, and
commercial production was expected to begin in January and
March of 2010.
Global Power is the largest independent power producer in
the Visayas, with total plant capacity of over 230 MW, while
heavy equipment maker Formosa Heavy Industries owns and
operates over 14,000 MW of coal fired plants in Taiwan, China
Global Power buys most of its coal from Indonesia and the
Philippines' Semirara Mining Corp. (SCC.PS).
(Reporting by Karen Lema; Editing by Carmel Crimmins)