Villar-led firm invests in Siquijor plant
Siquijor Island Power Corp. (Sipcor), a Villar-backed company, is set to build a new 6.464-megawatt diesel plant in Siquijor, to be commissioned in early 2015.
The power stations are intended to replace the aging power generation facilities of National Power Corp. (Napocor) in the island, which is only 85-percent energized and in dire need of electricity.
The project is about to start since equipment is set to come in around the middle of May.
“From the time the equipment is delivered, they are counting 11 months to commissioning,” said Sipcor consultant Froilan Tampinco.
The project, made up of two power stations, is Sipcor’s first energy project, Tampinco said in a briefing.
Sipcor is led by Prime Asset Ventures Inc. (Pavi), the holding company of the group of businessman Manuel Villar, Tampinco said.
Data from the Energy Regulatory Commission showed the project was estimated to cost around P466 million.
Sipcor has a 20-year power supply agreement (PSA) with the Province of Siquijor Electric Cooperative, Inc., the power distribution utility in the island.
To supply power under the PSA, Sipcor agreed to construct, own, operate, manage and maintain brand new bunker-fired power generating facilities consisting of two power stations with a total installed capacity of 6.464 MW.
One will be located in the island’s municipality of Siquijor and the other in the municipality of Lazi.
The power station in Siquijor will consist of three units, each with a 1.616-MW capacity, for a total installed capacity of 4.848 MW.
It will serve as the primary source of electricity in the island and will be installed in site of Napocor’s existing diesel power plant.
The power station in Lazi will consist of one 1.616-MW unit. It will provide power in the southern part of the island as well as “reactive power support” or voltage regulation to Prosielco’s distribution system during peak or heavy load conditions.
Sipcor’s power stations will be interconnected with Prosielco’s 13.8kV distribution network.
The generating units will not only provide the required generation capacity but also the necessary ancillary services to the distribution system such as load-following and reactive power support or voltage regulation.
Pavi, the first energy-related venture of the Villar group, will initially focus on off-grid areas, Tampinco said.
Their long-term targets are still “in the works,” he said.
Aside from Siquijor, Pavi is also interested in projects in Negros Oriental. “They are participating in the bidding of PNOC-RC. They have three sites there,” Tampinco said.
