Toyota unit buys into PH power firm
JAPAN’S TOYOTA Tsusho Corp., the trading company of the Toyota Group, is acquiring a 25-percent equity stake in Sarangani Energy Corp. (SEC) of the Alcantara Group, which is currently building a $450-million coal-fired power plant in Sarangani.
Alsons Consolidated Resources Inc., the parent firm of SEC, said in a statement that it should finalize the shareholders’ agreement with Toyota Tsusho by the end of this month. Once concluded, Alsons Consolidated will continue to have a majority stake of 75 percent in SEC.
No other details were given pending the completion of the requirements.
A publicly listed trading conglomerate operating worldwide, Toyota Tsusho is currently engaged in various commercial endeavors including power generation, warehousing and logistics services, retail and sale of Toyota vehicles and parts, the manufacture and sale of machinery, and the import and export of petroleum, coal, agricultural products and other commodities.
Earlier this year, Alsons Consolidated was deciding between Toyota Tsusho and Electricity Generating Public Co. Ltd. (Egco), before it settled for the Toyota Group.
Sarangani Energy last June began the construction for the first phase of its planned 210-megawatt coal-fired power facility. The first phase will involve a 105-MW unit, which is set to start commercial operations by early 2015.
This coal facility is expected to help provide a long-term, more sustainable solution to the recurring power supply crunch in Mindanao, as it will ensure the availability of a baseload power station on an island that depends on hydropower resources for over half of its electricity requirements.
According to Alsons Consolidated, SEC has already forged power supply agreements with several cooperatives including South Cotabato II Electric Cooperative Inc., Agusan Del Norte Electric Cooperative Inc., the Agusan Del Sur Electric Cooperative Inc. and the Davao Del Norte Electric Cooperative Inc.
Also, Alsons Consolidated is developing the 100-MW coal facility in Talisayan, Zamboanga City, which may start operations by 2016.
