P51-B power plant opens in Pagbilao

Published June 2, 2018, 10:00 PM

by Mario Casayuran and Vanne Elaine Terrazola

By Danny J. Estacio

Pagbilao, Quezon — President Duterte led the inauguration last Thursday of the newly-completed 420 megawatt -Pagbilao Unit 3 power project that was developed and constructed at a cost of $976 million (approximately P51.29 billion).

The coal-fired power generating facility and merchant power plant is expected to boost and stabilize energy supply in the Luzon grid, while generating billions of pesos in various taxes for the national and local government in the coming years in barangay Polo Grande in this town.

“The completion of this project establishes Pagbilao Energy Corporation’s (PEC) partnership with government in pushing the nation’s progress through a cost-effective and reliable power plant that complies with environmental standars,” said PEC Chairman Antonio R. Mendoza.

PEC is a joint venture between TPEC Holdings Corporation and Therma Power, Inc., which are in turn wholly-owned subsidiaries of Team Energy Corporation (TEC) and Aboitiz Power (AP), respectively.

The construction of the power facility began in December, 2014 at a location adjacent to the existing units 1 and 2 of the Pagbilao Power Station operated by TEC. Units 1 and 2 have total generating capacity of 735 MW.

PEC signed an omnibus agreement to finance the construction of the Pagbilao Unit 3 project. A total of up to P33.3-billion debt financing was secured by PEC through the joint lead arrangers composed of BDO Capital and Investment Corporation, BPI Capital Corporation, and First Metro Investment Corporation.

“The growth of the Philippine economy under the administration of President Duterte will certainly translate to a rising demand  for energy in the coming years. This project will help address the country’s development needs moving forward,” said John V. Alcordo, president of the PEC.

 
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