A unit of Vivant Corp. signed with Global Business Power Corp. (GBPC) an agreement on the predevelopment of a 670-megawatt, coal-fired power plant in La Union.
Vivant said in a disclosure to the Philippine Stock Exchange that Vivant Integrated Generation Corp. (VIGC) and GBPC would jointly participate in the project through Lunar Powercore Inc.
The project is under a special purpose vehicle named Global Luzon Energy Development Corp., which will undertake the financing, design, procurement, construction, testing, commission, operation and maintenance of the planned power plant.
The plant will have two generating units at 335 MW each.
VIGC and GBPC have allocated P450 million for the predevelopment activities.
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