PEDC synchronizes 150 MW expansion in Iloilo

MANILA, Philippines - Panay Energy Development Corp. (PEDC) is targeting to start commercial operations of its P15.6-billion Iloilo coal plant expansion within the month after its successful synchronization to the Visayas grid.

PEDC, a subsidiary of Visayas-focused power producer Global Business Power Corp. (GBPC), has connected its 150-megawatt (MW) expansion plant called PEDC3 to the Visayas grid last Aug. 19 through the Sta. Barbara substation in Iloilo of the National Grid Corp. of the Philippines (NGCP).

Following the synchronization, the power plant is targeted to start commercial operations within September, GPBC said.

“This marks another step towards the fulfilment of our continuing commitment to provide clean and efficient power to the region and contribute to its continued development,” GBPC president Rolando Bacani said.

PEDC3 is already contracted to provide power to the Manila Electric Co. (Meralco), Iloilo Electric Cooperatives I, II, and III, and the Antique Electric Cooperative and Guimaras Electric Cooperative of the Panay-Guimaras Power Supply Consortium.

GBPC said PEDC’s third plant is a boon to the Visayas region that needs more reliable power supply.

Originally, the expansion project was supposed to be two units of 82 MW facilities to be completed in late 2014 but GBPC opted to build a single plant of 150 MW.

PEDC spent P15.6 billion to build the plant funded through 70 percent borrowing and 30 percent equity.

Last year, the company secured an P11-billion, 12-year syndicated loan from a consortium of local lenders namely Bank of the Philippine Islands, China Banking Corp., Land Bank of the Philippines, Rizal Commercial Banking Corp., Philippine National Bank and the Philippine American Life and General Insurance Co.