MANILA, Philippines - Aboitiz Power Corp., through its wholly-owned subsidiary Therma Mobile Inc., has signed a power supply agreement (PSA) with the country’s largest power distributor Manila Electric Co. (Meralco).
AboitizPower said Meralco’s board has approved the PSA which will pave the way for the supply of up to 234 megawatts (MW) of Therma Mobile’s capacity to the power distributor.
Power delivery will commence upon approval by the Energy Regulatory Commission (ERC) and continue until June 2017.
In May 2011, Therma Mobile acquired four barge-mounted floating power plants from Duracom Mobile Power Corp. and East Asia Diesel Power Corp. (EADPC).
AboitizPower is the holding company for the Aboitiz Group’s power generation, distribution, retail and power services business.
It has hydroelectric and geothermal assets in its generation portfolio and also has fossil-fired power plants located across the country.
AboitizPower plans to invest around P125 billion for its expansion program in the near term.
Over the next five years, investments would be poured in various projects to double its capacity to 3,500 MW.
Meralco, on the other hand, is increasing supply to support growing demand in its franchise areas.
From January to June this year, Meralco’s consolidated volume of energy sold rose to 16,863 gigawatt-hours, four percent higher than the volume sold a year ago.