Manila Electric Co. (Meralco) said Redondo Peninsula Energy Inc. (RP Energy) consortium has signed a construction contract with Azul Torre Construction Inc. and a supply contract with Doosan Heavy Industries & Construction Co. Ltd. for the construction of the 600 megawatts (MW) coal-fired power plant it is developing in Subic.
RP Energy which is currently composed of Therma Power, Inc., a subsidiary of Aboitiz Power Corp. and Taiwan Cogeneration International Corp. each owns 25 percent equity interest while Meralco PowerGen Corp. (MGen), a subsidiary of Meralco holds 47 percent equity interest in the plant projected to go online by mid-2020.
Construction of the Subic coal plant estimated to cost $1.2 billion was halted when a Writ of Kalikasan was filed against it in 2012 but which was later junked by the Supreme Court (SC) for insufficiency of evidence.
Meralco also recently filed a power supply agreement application with the Energy Regulatory Commission to draw 225 MW from RP Energy once it is completed but is still pending for a decision.
Aside from RP Energy, other coal plant developments where MGen is involved in include the 455 MW San Buenaventura project and the 1,200 MW Atimonan both located in the Quezon province. (Malaya Business Insight)
Artist's rendition of the power plant located at the REdondo Peninsula. RP Energy is building a $1.2Bn 600MW power plant within the Subic Bay Freeport Zone (SBFZ) using circulating-fluidized-bed technology.