MANILA, Philippines - Filinvest Development Corp. (FDC), the investment holding vehicle of the Gotianun family, is firming up its comeback in the power industry with plans to double its energy portfolio in five years’ time.
FDC president and chief executive officer Josephine Gotianun-Yap said the company intends to boost its power portfolio in the next five years, with plans of breaching the 1,000-megawatt (MW) mark by 2019 through a combination of sale contracts, greenfield and brownfield projects.
“We’re always looking at other projects in different areas. We continue to explore different fuel sources. We look at every one of them if there’s an opportunity,” she said.
FDC currently has some 545 MW of generation capacity under its portfolio. The company is on track to complete by 2016 its 405-MW coal-fired power project at the Phividec Industrial Estate in Misamis Oriental.
The firm topped the selection late last month of the independent power producer administrator (IPPA) contract for the output of Mindanao I and II (Mt. Apo 1 and 2) geothermal power plants in North Cotabato with a rated capacity of 54.24 MW each.
FDC also serves as the IPPA for the 40-MW portion of the power coming from the 588-MW Unified Leyte geothermal power complex.
Gotianun-Yap said the company would continue to look at other projects to be offered in the future by state-owned Power Sector Assets and Liabilities Management Corp.
Aside from its IPPA contracts and existing coal power facility, she said there are a number of projects involving different types of technology which the company is currently looking at.
FDC earlier said it is eyeing to put up renewable energy facilities like hydro in Visayas and Luzon to further boost its re-entry into the power business.
“Luzon is a market we cannot avoid. It’s an important market so we will look at Luzon. We will look at partnerships, we’re open to brownfield as well because what we’ve done so far is greenfield,” Gotianun-Yap said.
The Filinvest Group originally entered the power industry starting in 1995 through its ownership of East Asia Power Corp. and Cebu Private Power Corp. in 1998. The group’s stakes in these companies were eventually sold few years after.
Gotianun-Yap said FDC may consider an initial public offering for its power business “at the right time.”