PacificLight Power’s facility in Singapore. (Photo from PacificLight Power)
Jurong Island, Singapore — PacificLight Power, a subsidiary of Meralco PowerGen Corp. (MGen), is ready to muster $900 million if and when it wins a bidding for a 600-megawatt (MW) natural gas plant, a company executive said.
PacificLight Power is a joint venture between MGen and First Pacific Co., with the former holding a 58-percent stake.
According to Yari Miralao, president and chief executive officer of MGen Gas Energy Holdings, Inc. (MNatural Gas), the group submitted its proposal to build the project here on this island.
READ: MGen unit eyeing to build another plant in Singapore
Miralao said that for a natural gas-fed power plant, an investment of about $1.5 million is for every megawatt of electricity generating capacity.
In June, Singapore’s Energy Market Authority (EMA) invited private firms to participate in the bidding for two new combined cycle gas turbine generating units, with a capacity of at least 600 MW each.
The results of the auction are expected to be out by December or early next year.
Miralao expressed confidence about securing the project and getting the Singaporean government’s backing on this venture given PacificLight Power’s track-record related to an existing 830-MW generation facility also on Jurong, a part of Singapore that is dedicated to to the chemical and energy sector.
Running since 2013, that plant has been delivering electricity to about 1.2 million households in Singapore. Officials from PacificLight Power also noted that their Jurong facility was the first to surpass a 60-percent efficiency level following an upgrade.
“As part of MGen’s comprehensive energy strategy, we are dedicated to investing in state-of-the-art facilities to enhance our competitiveness in the Singapore energy market,” Miralao told reporters on Tuesday.
“[The new plant is] designed to be larger, more efficient, and will be one of the most reliable on the Singapore grid,” the official added.
Just last May, PacificLight bagged the right to build, operate, and own a 100-MW power plant in Singapore. Construction works are ongoing, with commercial operations slated to begin by the second quarter of 2025.
Singapore EMA has been conducting bidding for the development of new gas facilities as the country records higher electricity demand amid the growth of its advanced manufacturing, digital economy and transport sectors.
Power demand in Singapore is expected to reach 10,100 MW to 11,800 MW by 2030. INQ