Filinvest group secures financing for Mindanao coal plant

MANILA, Philippines – The Filinvest group said its P30-billion coal power plant project in Misamis Oriental was “on track” after it secured financing from banks.

The Gotianun-led group, through unit FDC Misamis Power Corporation, said it obtained loan from 4 banks for the 405-megawatt power plant.

“No problem. It’s all done… I don’t have the exact figure though,” said FDC Utilities chairman Jonathan Gotianun. FDC Misamis is a subsidiary of FDC Utilities, the utilities and infrastructure arm of Filinvest Development Corporation.

The plant is the biggest power project in Northern Mindanao. Set for commercial operation in early 2016, it will support growing demand for power in the region.

The plant will be equipped with circulating fluidized bed boiler technology. This technology removes over 95% of sulfur emissions and creates negligible nitrogen oxide levels while generating useful by-products such as calcium sulfate, which is used for cement production.

“I think we’re quite happy with the progress and so we’re on track,” noted Gotianun.

Gotianun said the company was on the lookout for other opportunities in the power sector.

“We’re always looking, but nothing in particular… Just like other companies… we’re always looking for opportunities to invest,” he said.

FDC Utilities was one of the highest bidders in the recently conduced bidding for the independent power producer administrators of the Unified Leyte geothermal contracts. The company won the bid to manage 40 MW of the strips of energy offered by the government.

The Filinvest group is also engaged in real estate development, banking, hospitality business and sugar manufacturing. – Rappler.com