Therma Visayas Energy Project

From Global Energy Monitor

Therma Visayas Energy Project is a 340-megawatt (MW) coal-fired power plant in Cebu Province, Philippines.


The satellite below shows the plant in Bato Barangay, Toledo City District, Cebu province, the Philippines.

Loading map...

Background on Plant

The 340-MW two-unit coal-fired Therma Visayas Energy Project project is a joint venture between Aboitiz Power and Vivant Corp.[1][2] Total project costs are P41 billion, or $925 million.[3] The project was initially expected to be completed in Q3 2017.[4]

In June 2014, Aboitiz signed engineering, procurement, and construction (EPC) contracts with Hyundai Engineering & Construction, as well as with local company Galing Power Energy.[4] Site development work was scheduled to begin in November 2014.[5] Vivant Integrated Generation Corporation, a subsidiary of the Vivant Corporation, bought a 20% stake in the plant in August 2014.[6]

As of September 2014, Aboitiz was still working on acquiring 2% of the land for the project site.[5]

In April 2015, Aboitiz announced that it has started construction of the project, with completion scheduled for early 2018.[7]

As of January 2017, construction was on track, with commercial operations expected in early 2018.[8] In January 2018 Aboitiz announced that construction was 90% complete and that the plant would be commissioned in the first half of 2018.[9]

Unit 1 was commissioned in April 2019, and Aboitiz expected Unit 2 to be commissioned in May 2019.[10] In July 2019 the DOE gave a target commissioning date of August 2019 for Unit 2.[11] Unit 2 was operating as of October 2019.[12][13]

Environmental impact

In October 2019 residents of three nearby barangays complained about the stench from a leaking coal conveyer at the plant.[12] The plant was ordered to install an online emissions data transmission system by the Environmental Management Bureau (EMB) and the Toledo City Government.[14]


US$703 million in debt financing for the project was secured in July 2015. The eight institutions providing loans are BDO Unibank, China Banking Corporation, Land Bank of the Philippines, Bank of the Philippine Islands, Asia United Bank, SB Capital Investment, Development Bank of the Philippines and Maybank.[15] US$230.99 million in equity was provided by Aboitiz Power Corp and Vivant Corporation.[16]

Project Details

  • Sponsor: Therma Visayas Inc. (80%) and Vivant Corp. (20%)
  • Parent company: Aboitiz Power[17]
  • Location: Bato Barangay, Toledo City District, Cebu Province, Philippines
  • Coordinates: 10.3497211, 123.6035599 (exact)
  • Status: Operating
  • Gross Capacity: 340 MW (Units 1 & 2: 170 MW)[4]
  • Type: Circulating fluidized bed[4]
  • In service: 2019
  • Coal Type: Subbituminous
  • Coal Source:
  • Source of financing: US$703 million in debt from BDO Unibank, China Banking Corporation, Land Bank of the Philippines, Bank of the Philippine Islands, Asia United Bank, SB Capital Investment, Development Bank of the Philippines and Maybank;[15] US$230.99 million in equity from Aboitiz Power Corp and Vivant Corporation[16]

Articles and resources


  1. Iris C. Gonzales, "Aboitiz lays groundwork for 300-MW Toledo plant," The Philippine Star, August 20, 2013.
  2. Iris C. Gonzales, "Therma Visayas borrows P31.9B for 300-MW Toledo power plant," Philippine Star, June 20, 2015
  3. Miraflor, Madelaine. Aboitiz Power sets P10-B bond sale for Q3. Manila Times, 18 June 2014.
  4. 4.0 4.1 4.2 4.3 TVI inks P41-B deal with Hyundai, Galing for 300MW plant in Toledo, GMA News, 2 June 2014.
  5. 5.0 5.1 Private Sector Initiated Power Projects (Visayas), Philippines Department of Energy, 30 Sept. 2014.
  6. Miraflor, Madelaine. Vivant gets stake in Aboitiz Power unit. Manila Bulletin, 28 Aug. 2014.
  7. Katlene O. Cacho, "Therma Visayas begins work on 340 MW thermal plant," Sun Star Cebu, 9 April 2015
  8. Aboitiz: 340-MW Toledo plant ready by early 2018, Philippine Daily Inquirer, 23 Jan. 2017.
  9. 340MW more for Visayas grid in ’18, Cebu Daily News, Jan. 14, 2018
  10. Therma Visayas coal plant in Toledo begins commercial operations, Sun Star, Apr. 16, 2019
  11. PRIVATE SECTOR INITIATED POWER PROJECTS (VISAYAS) COMMITTED As of 31 July 2019, Department of Energy, 31 Jul., 2019
  12. 12.0 12.1 Toledo residents complain about stench from coal plant, Cebu SunStar, Oct. 11, 2019
  13. Communication with Philippine Movement for Climate Justice, January 2020
  14. Coal plant urged to install system to check air quality, Cebu SunStar, Oct. 19, 2019
  15. 15.0 15.1 Aboitiz closes Therma Visayas financing, IJGlobal, July 24, 2015
  16. 16.0 16.1 "Preview of Therma Visayas Coal-Fired (340MW) | Transaction | IJGlobal". Retrieved 2020-11-24.
  17. "Approved Coal Plants in the last two years," Greenpeace, accessed December 2013

Related articles

External resources

External articles