Filinvest unit completes 405-MW power plant
FDC MISAMIS Power Corp., a unit of Gotianun-led Filinvest Development Corp., said it had completed its 405-megawatt (MW) coal-fired power facility in Misamis Oriental, which was aimed at helping end the perennial power crisis faced by Mindanao.
What is now considered as Mindanao’s largest power plant, earlier reported to be worth P30 billion, is seen to provide not only competitively priced electricity, but reliable supply as well.
“Mindanao has been suffering from perennial power crisis for decades, given its heavy dependence on hydro power compounded by the increasing frequency of the El Niño phenomenon. Our project will finally put an end to this recurring power crisis that has plagued the region and hopefully drive the much needed economic development in Mindanao,” said Mario Pangilinan, president and chief operating officer of FDC Misamis’ parent firm FDC Utilities Inc.
According to Pangilinan, the facility is composed of three units, each with generating capacity of 135 MW. Of the three, two have been successfully linked to the grid, while the third unit is scheduled for synchronization by the first half of this month.
“To date, FDC Misamis has a generating capacity of 270 MW and is currently supplying over 200 MW to the Mindanao grid. So far, the commissioning test has been running smoothly and we expect to attain the full capacity of 405 MW by this month,” Pangilinan said in a statement.
Upon the commissioning of its third unit, FDC Misamis will be supplying a total of about 500 MW to the grid. This included the 100-MW Apo geothermal independent power producer administrator (IPPA) contract of the company. Long-term contractual commitments have similarly been secured for more than 85 percent of the project’s net capacity with various distribution utilities and large industrial customers in Mindanao, the company added.
Ambrocio Rosales, OIC head of Mindanao system operations department at National Grid Corp. of the Philippines (NGCP), noted that the operation of the FDC Misamis power project would greatly boost the supply security in the Mindanao region.
“This is not only because of its large capacity but also due to its strategic connection to the grid. With this development, our system will be more reliable and the quality of service will be higher,” Rosales was quoted in the same statement as saying.
FDC chair Jonathan Gotianun added: “The entire Filinvest group is committed to Mindanao’s development. This is the biggest investment we have made among the numerous ventures we have undertaken in the region.”
FDC, the holding company of the Gotianun-led Filinvest Group, is one of the Philippines’ leading conglomerates with interests in property development, banking and financial services, hotel and resort management, power generation and the sugar industry. Specifically, Filinvest has significant investments in real estate, banking and sugar in Mindanao.
As of the end June this year, FDC had assets valued at P448.56 billion.
