Korean company plans power plant in Iloilo

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ILOILO CITY, Philippines—A South Korean power company is eyeing to build a $22-million (P895.84 million) biomass power plant in Iloilo that is expected to boost the supply of energy on Panay Island.

The Korea Environment Corp. (Keco),  a state-run company focusing on eco-friendly energy projects, has signed a memorandum of agreement with the Iloilo provincial government and the International Builders Corp. (IBC) for the project.

The agreement covers the conduct of a feasibility study, acquisition of licenses and other legal requirements, sourcing of funds and obtaining land and bioresources. It was signed on March 13 by Iloilo Governor Arthur Defensor, IBC chief executive officer Alfonso Tan and KEC executive director Choi Kyu Jin.

If completed, the project will boost energy supply in Iloilo and Panay Island.

The power supply in the Visayas grid is expected to become critical by 2016, with an additional supply of 50-megawatt needed to cope with the increasing power needs, according to projections of the Department of Energy.

Among the sources of additional power supply are the P12.5-billion 135-megawatt coal plant of the Palm Concepcion Corp. in Concepcion town in Iloilo which is expected to be completed in 2015.

The coal plants of the Panay Energy Development Corp. in Iloilo City and the Cebu Energy Development Corp. in Cebu are expected to expand their capacities before 2016.

A 50-megawatt wind farm project of Trans-Asia is also expected to be completed within the period.

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  • 1voxPopuli

    감사합니다

    that’s thank you in Korea!

  • Cobra

    This is the kind of foreign investment that should be encouraged by the Phils. by allowing investors at least 99 years lease on the lands they use.They should also be allowed to own these businesses 100% without local participation so that they won’t get bullied by govt. bureaucrats or their partners.This will in turn produce the competition needed for cheaper electricity in the country thus more factories & employement.

  • http://www.facebook.com/people/Jake-Lopez/100002950838043 Jake Lopez

    I still don’t understand why local investors are shying away from from micro and mini-hydro as source of power. If we could only harness existing small streams and rivers, then these will definitely augment our power requirements. These small systems don’t need big investments and we could probably build hundreds of these micro and mini-hydro resources. These is clean energy, renewable, and will not alter the environment significantly.

  • http://www.facebook.com/yet.jua Yet Jua

    panay island and the booming province of iloilo will require abundance in power supply in order to meet the industrial demands of the future and not just focusing in agriculture and fishery…

  • H_A_B_A_G_A_T

    Yosh! approved!
    yan kailangan natin, Eco-friendly power.

  • Bring back Phils Glory. Unite.

    nice. thank you South Korea.

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