Consortium to put up coal-fired power plant in Subic

SUBIC BAY FREEPORT, Philippines – A consortium composed of Manila Electric Co., Aboitiz Power Corp. and Taiwan Cogeneration Corp. is investing $1.28 billion in a 600-megawatt, supposedly clean coal-fired power plant within the Subic Bay Freeport Zone, a move that will help lower electricity rates and shore up power supply in the Luzon grid in three years’ time.

The power project, which officials from the three companies regard as timely and crucial, will be undertaken by Redondo Peninsula Energy Inc. (RP Energy).

According to Erramon I. Aboitiz, president and CEO of Aboitiz Power Corp., the project will be carried out in two phases of 300 MW each, with the first unit expected to go on line by 2014 and the second unit, by 2016.