Panay power station

From Global Energy Monitor

Panay power station is a 314-megawatt (MW) coal-fired power plant in Iloilo Province, Philippines.

Location

The map below shows the location of the plant, in Ingore Barangay, La Paz District, Iloilo City, Iloilo Province.

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Background on Units 1 & 2

The first two units, each 82 MW, of the Panay power station were completed in 2010 and 2011. The facility is owned by Panay Energy Development Corp. (PEDC), a subsidiary of Global Business Power Corp of GT Capital Holdings, in Iloilo City, the Philippines. The plant was completed in 2010-11.[1]

Details on Unit 3 expansion

PEDC began construction of a 150 MW coal plant expansion of the station in October 2013. The construction cost of the power plant is estimated to reach P6.199 billion. The company plans for the plant to be completed in 2016.[2] The construction project was turned over to Formosa Heavy Industries in June 2014. Construction is slated to be completed in August 2016, and is expected to cost P15.6 billion, or $350 million.[3][4][5]

In September 2016, Unit 3 was synchronized to the grid.[6] The new unit was inaugurated in November 2016.[7]

Financing for unit 3

US$246.33 million in loans was provided by First Metro Investment Corporation, Bank of the Philippine Islands, China Banking Corporation, Land Bank of the Philippines, Philippine American Life and General Insurance Company, Philippine National Bank and Rizal Commercial Banking Corporation. US$89.59 million in equity was provided by Global Business Power Corp.[8]

Meralco Acquisition

In December of 2020, Meralco PowerGen Corp. announced that it had purchased full ownership of Global Business Power Corp. (GBPC), the parent company of Panay Energy Development Corporation, for P34.466 billion (approx. 720 million USD). Meralco paid that sum to acquire an 86% stake in the company; Meralco already owned a 14% stake in GBPC. Meralco said the purchase price would be paid in installments: 60 percent at closing, 20 percent six months after and the remaining 20 percent after 18 months.[9]

Environmental Impact

In August 2017 the Department of Environment and Natural Resources (DENR) announced that it would sign a Memorandum of Understanding (MOU) with Panay Energy Development Corporation (PEDC) to monitor the health of people living near the plant, some of whom were reportedly suffering from scabies and lung diseases.[10]

Project details

  • Sponsor: Panay Energy Development Corporation
  • Parent company: Meralco PowerGen Corp.
  • Location: Ingore Barangay, La Paz District, Iloilo City, Iloilo Province, Philippines
  • Coordinates: 10.72444, 122.59582
  • Status: Operating
  • Gross Capacity: 314 MW (Units 1-2: 82 MW; Unit 3: 150 MW)
  • Type: Circulating fluidized bed[3]
  • In service: Unit 1: 2010; Unit 2: 2011; Unit 3: 2016
  • Coal Type:
  • Coal Source:
  • Source of financing: US$246.33 million in debt from First Metro Investment Corporation, Bank of the Philippine Islands, China Banking Corporation, Land Bank of the Philippines, Philippine American Life and General Insurance Company, Philippine National Bank and Rizal Commercial Banking Corporation; US$89.59 million in equity from Global Business Power Corp[8]

Articles and resources

References

  1. "Coal-Fired Power Plants in the Philippines," Industcards, accessed Jan 2016
  2. "Panay Energy starts Iloilo power project in October," Business Mirror, Aug 21, 2013.
  3. 3.0 3.1 Private Sector Initiated Power Projects (Visayas), Philippines Department of Energy, 30 Sept. 2014.
  4. Velasco, Ed. Panay Energy Sets Up Coal-Fired Powered Plant. Daily Tribune, 13 Mar. 2014.
  5. Tara Yap, "Panay coal plant set to operate in August," Manila Bulletin, January 3, 2016
  6. "Panay power firm synchronizes 3rd power plant to the Visayas grid," Sun Star, September 2, 2016
  7. 150-mW coal power plant in Iloilo inaugurated, The Freeman, 29 Nov. 2016.
  8. 8.0 8.1 "Preview of Panay Island Coal-Fired Power Plant Expansion (150MW) | Transaction | IJGlobal". ijglobal.com. Retrieved 2020-11-24.
  9. Alena Mae S. Flores, Meralco says sale price of GBPC is fair, reasonable, Manila Standard, Dec. 28, 2020
  10. Coal plants in Iloilo emit toxic pollutants?, IMT News, Aug. 21, 2017

Related GEM.wiki articles

External resources

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