Filinvest group mulls 300-MW power plant worth $450 M

Manila, Philippines - A consortium led by FDC Utilities Inc. (FDCUI), a subsidiary of Filinvest Development Corp., is planning to construct a 300-megawatt (MW) power plant inside the PHIVIDEC Industrial Estate in Misamis Oriental.

Sources privy to the proposal said the project has an estimated cost of $450 million.

This project would put the Filinvest Group among the frontrunners in addressing the possible power supply problem in Mindanao. Energy Secretary Jose Rene D. Almendras earlier warned of a possible power supply shortage due to precariously low reserve level in the island.

The PHIVIDEC board has approved the application of Filinvest as locator, subject to compliance with certain requirements, which the Filinvest consortium is currently finalizing.

Sources said the Filinvest consortium is already in final discussions with equipment suppliers and contractors and has received commitments from some power off-takers in Mindanao.

According to sources, the proposed power plant will start commercial operation in 2014.

This project will be a boost to the Mindanao 2020 Energy Roadmap set by the Mindanao Development Authority (MinDA) chaired by Secretary Luwalhati Antonino.

Based on earlier assessments, Mindanao will definitely be short by 450 megawatts (MW) in 2015 if no new capacities are built. For most of the island, this means rotational brownouts of up to 12 hours a day.