Friday, 30 July 2010

Batangas power plant eyed

by Jenniffer B. Austria
Manila Standard

DMCI Holdings Inc., the holding company of the Consunji family, plans to put up a new 600-megawatt power plant in Calaca, Batangas worth $760 million.

DMCI president Isidro Consunji told reporters after the annual stockholders’ meeting Wednesday that several firms, including Manila Electric Co. and Marubeni Corp. of Japan, had expressed interest to team up with the company to build the plant.

Consunji said either Sem-Calaca Power Corp., a wholly owned subsidiary of Semirara Mining Corp., or a joint venture with interested investors would build the new power plant.

Consunji said construction of the new power plant would start next year after the company completes the rehabilitation of the 340-MW Calaca coal-fired power facility.

Consunji said the rehabilitation of the Calaca power plant, which will start this week, aimed to increase the plant’s capacity to 550 MW. The company will spend $60 million for the rehabilitation and complete it by February next year.

DMCI Holdings, which owns 56 percent of Semirara, won the bidding for the Calaca coal-fired facility in July 2009 with a price offer of $361.7 million.

The Calaca facility consists of two 300-MW generating units designed to run as a base-load plant and use local coal from Semirara Island.

Consunji expects DMCI Holdings to post a net income of P6.3 billion in 2010 from P4.7 billion in 2009 on higher contribution from operating units.

Semirara Mining is expected to contribute P1.8 billion to the company while Maynilad Water Services Inc. will generate P2 billion in net earnings.

DMCI Construction, meanwhile, will account for P1 billion of DMCI Holdings’ total net profit while DMCI Homes will provide another P1.3 billion in income.

Share price of DMCI closed lower at P18.98 Wednesday from Tuesday’s close of P19.20.

Semirara ended lower at P108.80 from P110.20 Tuesday.

The Board of Investments, meanwhile, approved the application of Unisan Biogen Group to seek fiscla incentives for for its 10-megawatt biomass power plant in Barangay Muliguin, Unisan, Quezon under the Renewable Act of 2008.

The P1.673-billion project will use coconut husks, wood chips and other biomass wastes as fuels for the operation of the plant.

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