Toledo Power inks 25-year supply deal with Cebu coop

MANILA, Philippines - Toledo Power Co., a subsidiary of the Metrobank Group’s Global Business Power Corp., has signed a 25-year power purchase agreement with a Cebu electric cooperative.

Toledo Power said it signed a deal with Cebu III Electric Cooperative Inc. (Cebeco III) as part of the cooperative’s efforts to meet the projected hike in power demand in its franchise area.

Global Business executive vice president Jaime Azurin said under the agreement, Toledo Power will supply 17 megawatts of electricity to the cooperative starting Feb. 26, 2015.

“The demand for power in Western Cebu has been increasing steadily, with the mining and industry sectors as the primary growth drivers. To support Western Cebu’s additional power requirement, Toledo Power’s recently-inaugurated 82-MW expansion project will supply the 17-megawatt electricity needs of Cebeco III,” Azurin said.

Last month, Toledo Power switched on its 82-MW coal-fired power plant in Toledo City, Cebu.

The project is a P10.2-billion investment, the company said.

The new plant will supply the requirements of Carmen Copper Corp.’s mining expansion projects, beginning Dec. 26, 2014.

Specifically, Toledo Power will supply 55 MW of electricity to Carmen Copper.

Carmen Copper is a subsidiary of Atlas Consolidated Mining and Development Corp.