Toledo City power station
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The Toledo City power station, also known as the Sangi Thermal power plant, is a 144-megawatt (MW) coal-fired power station in Cebu, the Philippines. The plant primarily provides power for the operations of Carmen Copper Corporation. The power station is adjacent to the Cebu Energy power station; both plants are operated by Global Business Power Corporation.
The aerial photo below shows the Toledo City power station in Daang-Lungsod, Toledo, Cebu, Central Visayas, Philippines. The Cebu Energy power station can be seen directly to the west.
The Toledo City power station was originally constructed in the 1960s to provide power to the Atlas Mines until its closure in the 1990s.. The current iteration of the Toledo City power station began with the construction of the 22 MW Unit 1, commissioned in 1982, and the 40 MW Unit 2, commissioned in 1983. The site also contains a 40 MW diesel-fueled power station. The plant is operated by Toledo Power Corporation, a subsidiary of Global Business Power Corporation.
In November of 2012, construction began on an 82 MW expansion for the Toledo City power station. The expansion project was expected to cost P10.2 billion (approximately 1 billion USD). In 2013, Toledo Power Corporation announced that it had secured a P7 billion loan to finance approximately 70% of the project. The loan was primarily arranged by First Metro Investment Corporation and included financing by a consortium of financing institutions: Bank of the Philippine Islands, Chinabank, EastWest Bank, Land Bank, Rizal Commercial Banking Corporation, Philam Life, UnionBank and United Coconut Planters Bank. Unit 3 began operation in September of 2014, three months ahead of schedule. According to a 12-year power supply agreement between Carmen Copper Corporation and Toledo Power Corporation signed in June 2012, Unit 3 provides 60 MW of power to Carmen Copper Corporation, in addition to 40 MW of power supplied by Units 1 & 2.
In 2017, the Philippine Movement for Climate Justice lodged a formal complaint against the International Finance Corporation (IFC) for its involvement in Philippine coal-fired power stations. The complaint alleged that the IFC had funded these projects through its financial support to Rizal Commercial Banking Corporation (RCBC). The Toledo City power station expansion was one of 11 projects for which the IFC's involvement was found to be sufficient to trigger the IFC's internal accountability process.
Toledo Power Corporation is a subsidiary of Global Business Power Corp. Initially, Global Business Power Corp. was jointly owned by Beacon PowerGen Holdings (56%), JG Summit Holdings (30%), and Meralco PowerGen Corp. (14%). In December of 2020, Meralco announced that it had acquired full ownership of Global Business Power Corp. by purchasing the 86% stake held by Beacon and JG Summit for P34.466 billion (approx. 720 million USD).
- Sponsor: Toledo Power Corporation
- Parent: MERALCO
- Location: Daang-Lungsod, Toledo, Cebu, Central Visayas, Philippines
- Coordinates: 10.38730676367311, 123.64241879458143 (exact)
- Status: Operating
- Gross Capacity: 142 MW (Unit 1: 22 MW, Unit 2: 40 MW; Unit 3: 82 MW)
- Type: Subcritical
- In service: Unit 1: 1982; Unit 2: 1983; Unit 3: 2014
- Coal Type: Lignite
- Coal Source:
- Source of financing:
Articles and resources
- Toledo Power Corporation, Global Business Power Corporation, Accessed June 2, 2021
- 82-MW Cebu power plant switched on, Manila Standard, Sep. 19, 2014
- LIST OF EXISTING POWER PLANTS (GRID-CONNECTED) AS OF DECEMBER 2020, Philippines Department of Energy, Dec. 31, 2020
- Marigold Lebumfacil, Toledo Power breaks ground for P10B plant, The Freeman, Nov. 12, 2012
- Toledo Power secures P7-B loan facility for expansion project, GMA News Online, Mar. 8, 2013
- Amy R. Remo, Toledo Power obtains P7-B loan for new power plant, Philippine Daily Inquirer, Mar. 8, 2013
- Carmen Copper seals deal for 12-year power supply, Business World, June 7, 2012
- CAO ASSESSMENT REPORT Regarding Concerns in Relation to IFC’s Investment in Rizal Commercial Banking Corporation (RCBC) – 01 (#30235, #32853, #34115, #37489) in the Philippines, IFC Compliance Advisor Ombudsman, April 2019
- Alena Mae S. Flores, Meralco says sale price of GBPC is fair, reasonable, Manila Standard, Dec. 28, 2020