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IN light
of a growing need to address the inadequate supply of
power in Cebu, Metrobank-led consortium broke the ground
for a power project in Toledo City, Cebu.
The
consortium of Global Business Power Corp., a subsidiary
of Metrobank, Formosa Heavy Industries Corp., Aboitiz
Power Corp. and Vivant Power Corp. will invest $500
million in a 264-megawatt coal-fired power plant in
Toledo City, Cebu.
Cebu has
a total power demand of around 460 megawatts, a
9-percent increase from the 2007 figures.
Cebu
imports power from the geothermal power plant in Leyte
through submarine transmission cable, and because of its
dependence on the Leyte geothermal power plant, any
disruption from the power source or the transmission
facility will cause power shortage that will, in turn,
result in brownouts in the province.
The
plant to be built in Sangi,
Toledo,
will have three 82-megawatt capacity generators that
will use circulating fluidized bed clean- coal
technology and will ensure that sulfur- oxide and
nitrogen-oxide emissions will meet World Bank standards.
The
project is set to be completed by the first quarter of
2010. The Toledo power-plant project is Metrobank’s
latest investment in this Visayan province.
Federal
Land Inc. and Asian Pacific Top Management Corp. have
already embarked on a P500-million face-lift of the
former Cebu Plaza Hotel in Cebu City.
Federal Land,
the property arm of Metrobank, has started refurbishing
and further developing the Cebu hotel property in late
2005 under a management contract that tapped the Marco
Polo Hotel Group to operate the hotel, which is now
known as the Marco Polo Cebu Plaza Hotel.
“Cebu is
a major business hub and leisure destination in the
country,” said George S.K. Ty, Metrobank Group chairman,
adding that they recognize the potential of the province
and, these investments are the company’s contribution to
the continued development of Cebu in particular and to
the country’s power and tourism industries in general.
Ty also
donated P1 million to the city of Toledo for its
development projects.
Jesus
Alcordo, Global Power president, said the proposed power
plant will also supply power to Negros and Panay
islands.
He added
the Cebu-Negros-Panay grid is facing a looming power
crisis that will adversely impact on the economy of the
three islands if the supply problem will not be
addressed.
Formosa,
which will act as engineering, procurement and
construction contractor and technical partner for the
power plant, has acquired the technology of an advanced
fluidized bed boiler that will address the need for
environment protection.
Global
Power is a holding company that owns the Toledo Power
Co. in Sangi and three other power companies, mostly in
the Visayas. Aboitiz Group has major investments in
power generation and distribution, and Vivant has been
in the power business for many years. |
