A KOREAN power firm that operates a coal plant in Naga Cebu is looking to invest in another coal plant in Cadiz City.
Cesar Loa-as, president of the power generation company Asia Pacific Energy Resources Venture, Inc. (APERVI), said Korean Electric Power Corp. (Kepco) joined the list of foreign companies wanting to build a coal plant in Cadiz City.
“We have shortlisted 14 firms and so far it’s Kepco that’s very aggressive and they will be visiting the area this Thursday,” Loa-as said.
The project’s total cost is pegged at $310 million or P14 billion, Loa-as said.
Should the company opt for a partnership with any of the proponents, Loa-as said they expect about $9.3 million or P404.5 million capitalization from them.
Initially, APERVI decided to invest in the power generation business first to address the power supply shortage in the Visayas grid particularly in Cadiz City in Negros Occidental.
The new 150 MW coal plant project is targeted for completion by 2016 and start supplying power to nearby industries.
“Even with the partnership, the plant will get a supply of coal from APERVI and will be managed by North Negros Energy Power Corp. The changes we expect will be in the board and maybe some technical designs in the plant,” Loa-as said.
Loa-as said whoever they will get as their partner, they should help APERVI in the project especially in acquiring quality equipment for the plant.
The plant is located in a 10-hectare property that can accommodate an expansion of another 150 MW capacity to supply a total of 300 MW in the future.
Kepco is currently the largest power utility in South Korea and has an existing coal-fired power plant in Naga, Cebu and is also supplying 80 percent of the power demand of Northern Negros through the Visayas grid. Reporter Aileen Garcia-Yap