Mariveles Power Plant

From Global Energy Monitor

The Mariveles Power Plant is a 600-megawatt (MW) coal-fired power station on the Bataan Peninsula, on the island of Luzon in the Philippines, owned by GNPower.

An additional 1,336 MW has been proposed at the same location. The expansion later became referred to as a separate plant, the Dinginin power station.

Location

The map below shows the location of the plant, in Alas-asin Barangay, Mariveles Municipality, Bataan Province.

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Background

Mariveles Power Plant is a two-unit, 600-megawatt (MW) coal-fired power station on the Bataan Peninsula, on the island of Luzon in the Philippines, owned by GNPower. The project consists of two 300 MW units using subcritical boilers. The plant went online in April 2013.[1]

Ownership

The plant's owner, GNPower Mariveles Coal Plant Ltd., is jointly owned by U.S. company Sithe Global Power (owned by the Blackstone Group) and the Philippine Ayala Corporation; Ayala acquired a 17.1 percent state in the project for $155 million in December 2012.[2][3]

In October 2016, the Philippines' Aboitiz Power acquired stakes held by Blackstone Group LP for US$1.2 billion.The acquisition involves a 66.1 percent indirect interest in both the Mariveles plant and its expansion.[4] In May 2019, Aboitiz acquired Ayala's shared of the project, giving it a total ownership stake of 78.3%.[5]

Description of Expansion

In 2013, plant owner GNPower said it planned to expand the power station. For more information, see Dinginin power station.

Financing

In March 2010, financing for the project was closed. US$227 million in loans was provided by Banco de Oro Unibank, Bank of the Philippine Islands, China Banking Corporation, Security Bank, and Standard Chartered. Yorick Advisory and JP Morgan acted as financial advisers.[6] The China Development Bank provided a US$493 million loan.[7]

Project Details

  • Sponsor: GNPower Mariveles Coal Plant Ltd. Co[8]
  • Parent companies: Aboitiz Group (78.3%), Sithe Global (21.7%)[5]
  • Location: Alas-asin Barangay, Mariveles Municipality, Bataan Province, Luzon, Philippines
  • Coordinates: 14.4251672, 120.5370176 (exact)[9]
  • Status: Operating
  • Nameplate capacity: 2 x 300 MW
  • Type: Subcritical
  • In service: 2013
  • Coal Type:
  • Coal Source:
  • Estimated annual CO2:
  • Source of financing: US$227 million in debt from Banco de Oro Unibank, Bank of the Philippine Islands, China Banking Corporation, Security Bank, and Standard Chartered;[6] US$493 million in debt from China Development Bank[7]

Articles and resources

References

  1. "Sithe Global" Mariveles Station, accessed December 10, 2013.
  2. Doris C. Dumlao, "Ayala Corp. acquires stake in Mariveles coal-fired power plant," Philippine Daily Inquirer, December 17, 2012
  3. "Sithe Global" Mariveles Station, accessed December 10, 2013.
  4. "Philippines' AboitizPower to buy power plant stakes for $1.2 bln," Reuters, Oct 4, 2016
  5. 5.0 5.1 AboitizPower completes acquisition of AC Energy, May 3, 2019
  6. 6.0 6.1 "GNPower Mariveles: Chinese lenders abroad | IJGlobal Archive | IJGlobal". ijglobal.com. Retrieved 2020-11-24.
  7. 7.0 7.1 "Mariveles Power Plant is a two unit 600 megawatt MW coal fired power station on | Course Hero". www.coursehero.com. Retrieved 2020-11-24.
  8. "Approved Coal Plants in the last two years," Greenpeace, accessed December 2013
  9. "GN Coal Power Plant, Alasasin, Mariveles, Bataan," Wikimapia, accessed December 2013

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External resources

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