Meralco and EGCO reach financial close for San Buenaventura coal-fired power project
Electricity Generating Public Company Limited or EGCO Group has announced the start of construction of its San Buenaventura coal-fired power project in the Philippines following the completion of the financial closing for P$42.15 billion (US$881.5 million) credit facility for the project.
The groundbreaking ceremony was held at Mauban, Quezon province in the Philippines, on December 10, 2015. The project will be one of the first power plants in the country to utilize efficient supercritical technology.
The project will have a gross output capacity of 500 MW of which 455 MW will be contracted for sale to the Manila Electric Company (Meralco) on a long term basis.
San Buenaventura power project is held by San Buenaventura Power Ltd. Co. (SBPL); the joint venture holding company in which EGCO Group is an investor together with Meralco PowerGen Corporation, in the proportion of 49% and 51%, respectively.
SBPL has entered into a power supply agreement with MERALCO for term of 20 years from commercial operation date which is scheduled in the first half of 2019.
