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GENERAL SANTOS CITY, Philippines – The Alcantara group is gearing up for the start of the construction of its 200-megawatt coal-fired power plant in Sarangani province in power-starved Mindanao.
In a press release on Wednesday, June 27, the Alcantara-led Sarangani Energy Corp. (SEC) said companies from Thailand and Korea will be involved in the two-stage US$450-million power plant in the town of Maasim.
The energy firm increased its initial capital stock of P5 million to P4.25 billion (via new 4.25 billion shares at P1 each) to provide for the equity funding needed for the development, construction and operation of the power plant.
Thailand’s EGCO will take a minority stake in SEC but the Alcantaras will continue to control the firm, which is a wholly-owned unit of the group’s holding firm, Alsons Consolidated Resources.
SEC also disclosed that it awarded the contract to build the first phase of the plant to Daelim Industrial Co. Ltd of South Korea. The contract covers the plant’s engineering, procurement, and construction.
SEC officials said the review of the detailed design and engineering works will run through the 4th quarter of 2012. “The first phase of the SEC Power Plant is expected to commence operations in early 2015,” the company further said.
Actual construction could begin as early as the first quarter of 2013.
The power plant project is a two-phase complex of two 100 megawatt plants each. The second phase will commence within 18 months of the start of the first phase.
The power plant is expected to ease perennial supply shortfall in the region as SEC already has a supply contract with the South Cotabato II Electric Cooperative (Socoteco II).
SEC and Socoteco last year signed a power sales agreement (PSA) for the supply of base load capacity of 70 megawatts. The PSA is awaiting approval from the Energy Regulatory Commission. – Rappler.com
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