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Toledo Power approves Cebu plant expansion
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Friday, 29 Jun 2012
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Manila Standard Today reported that Toledo Power Co, a wholly owned subsidiary of Global Business Power Corporation, is expanding an existing coal plant in Cebu into an 82 MW clean coal fired power plant at a cost of USD 200 million.

Global Business, the power generation arm of the Metrobank Group, said in a statement that Toledo Power signed an agreement with Carmen Copper Corporation for the supply of up to 60 MW of electricity beginning December 26th 2014.

Toledo Power will design, engineer, finance and construct the 82 MW coal plant to supply electricity to Carmen Copper whose mining operations require additional power. Carmen Copper is a subsidiary of Atlas Consolidated Mining and Development Corporation.

Global Business said that the coal expansion project will be financed through 30% equity and 70% debt through project finance. Construction is expected to start in the fourth quarter. The existing coal plant in Daanlungsod, Toledo City, has a capacity of 60 MW.

Global Power said that it would provide more efficient energy by replacing the current coal facility with a state of the art power facility using one of the latest, environment friendly, clean coal technologies the circulating fluidized bed boiler.

Toledo Power said that the signing of the power supply agreement with Carmen Copper is a homecoming of sorts for Toledo Power, having come full circle to fulfill its primary duty to support mining operations in Toledo City.

Toledo Power, which has been producing power over the past 43 years, was initially established to serve the power requirements of the Toledo copper mine complex.

Global Power bought Toledo Power when the mine was closed in the mid 1990s. Global Power [then, Mirant Global Corporation] used the plant to supply electricity to Cebu City, Toledo City and the Cebu Industrial Park located in Balamban in Cebu.

Global Power is one of the largest power generators in the Visayas with generating plants such as Panay Power Corp. in Iloilo and Aklan, Panay Energy Development Corporation in Iloilo City and Cebu Energy Development Corporation in partnership with the Abovant Group in Cebu.

Source - Manila Standard Today

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