Agence France-Presse - 12/20/2007 3:46 AM
Philippine consortium to build 400 million dollar power plant
The Philippines' largest bank and a leading power firm will build a 246-megawatt power plant, worth 400 million dollars on the central island of Cebu, officials announced Thursday.
Units of Metropolitan Bank and Trust Co (Metrobank) and Aboitiz Power Corp will construct the plant in Toledo City with Formosa Heavy Industries acting as contractor and technical partner, Aboitiz said in a statement.
Aboitiz Power said its unit, Abovant Holdings Inc had tied up with Metrobank's subsidiary, Global Business Power Corp (Global Power) and Global Formosa for the project.
Global Formosa is a joint venture between Global Power and Taiwan's Formosa Heavy Industries. Under the agreement, Global Formosa will own 56 percent of the joint venture while Abovant will hold the remaining 44 percent.
The plant, to be commissioned by 2010, is expected to meet Cebu's growing demand for power, with the rise of business process outsourcing buildings and new hotels in the province.
Formosa Heavy Industries already operates coal-fired power plants in Taiwan, the United States, Indonesia and the Philippines.
Philippine consortium to build 400 million dollar power plant
The Philippines' largest bank and a leading power firm will build a 246-megawatt power plant, worth 400 million dollars on the central island of Cebu, officials announced Thursday.
Units of Metropolitan Bank and Trust Co (Metrobank) and Aboitiz Power Corp will construct the plant in Toledo City with Formosa Heavy Industries acting as contractor and technical partner, Aboitiz said in a statement.
Aboitiz Power said its unit, Abovant Holdings Inc had tied up with Metrobank's subsidiary, Global Business Power Corp (Global Power) and Global Formosa for the project.
Global Formosa is a joint venture between Global Power and Taiwan's Formosa Heavy Industries. Under the agreement, Global Formosa will own 56 percent of the joint venture while Abovant will hold the remaining 44 percent.
The plant, to be commissioned by 2010, is expected to meet Cebu's growing demand for power, with the rise of business process outsourcing buildings and new hotels in the province.
Formosa Heavy Industries already operates coal-fired power plants in Taiwan, the United States, Indonesia and the Philippines.
1 comment:
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