Japanese firm acquires 25% of Sarangani coal-power plant

GENERAL SANTOS CITY- -- Japanese trading firm Toyota Tsusho Corp. has acquired 25 percent of the Alcantara-led Sarangani Energy Corp., developer of a 210-megawatt (MW) coal-fired power plant in nearby Maasim, Sarangani, company executives said Wednesday.

Oscar Benedict E. Contreras III, Alsons Power Business Unit manager for communications and stakeholder relations, said the shareholders agreement was signed last Monday between parent Alsons Consolidated Resources Inc. (ACR) and Totoya Tsusho

ACR chair Tomas I. Alcantara and ACR executive vice president Tirso G. Santillan Jr. signed in behalf of the Alsons Group, and Shinichi Ushijima, general manager for the Power Project Development Department of Toyota Tsusho, for the Japanese company.

Sarangani Energy is currently building the first 105-MW phase of the power plant at a cost of $310 Million.

Thirty percent of the project cost, which will be spent over the next three years of construction, will come from equity to be infused by ACR and Toyota Tsusho on a 75:25 basis, said Luis R. Ymson Jr., ACR chief financial officer.

The 70 percent balance of the project will come from a project financing facility for Sarangani Energy to be finalized soon, he said.

The Department of Environment and Natural Resources issued an environmental compliance certificate to the Maasim coal-fired power plant in 2009, which is located near a world-class diving spot and is being opposed by environmental group Greenpeace and the local Catholic Church.

The Maasim power plant, with a full two-phase capacity of up to 210 MW, is intended to be part of a long-term solution to the power shortage in Mindanao.

Sarangani Energy has forged a power sales agreement (PSA) with the South Cotabato II Electric Cooperative Inc. (Socoteco-2) to provide up to 70 MW of electric supply.

Socotec-2 is the power distribution utility servicing at least 133,000 households in the entire province of Sarangani, General Santos City, and two municipalities in South Cotabato.

The construction process for phase 1 of the Maasim power plant began in June of 2012 with the commencement of preliminary design and engineering work, which was completed at the end of August 2012.

Geotechnical studies on the site area began in July and concluded in October 2012.

Civil works will kick off in the first quarter of 2013, the Alsons statement said, adding that phase 1 of the power plant is expected to begin operations by August 2015.

Toyota Tsusho is a publicly-listed trading conglomerate operating worldwide. It is present in over 60 countries and is engaged in various commercial endeavors including power generation; warehousing and logistics services; the retail and sale of Toyota vehicles and parts; the manufacture and sale of metals, machinery and heavy equipment; and the import and export of petroleum, coal, agricultural products, and other commodities.

Aside from the Maasim power plant, the Alcantara Group controls and operates the 100 MW Western Mindanao Power Corporation (WMPC) bunker-fired powerplant in Sangali, Zamboanga City and the Southern Philippines Power Corporation 55 MW bunker-fired power plant in Alabel, Sarangani province.

The group is also developing the San Ramon Power Inc. (SRPI) plant in San Ramon, Talisayan, Zamboanga City that will have the capacity to generate up to 105 MW of electricity for Zamboanga City and nearby areas. The SRPI plant is expected to be operational by 2016.

Apart from power project development and power generation management, the Alcantara Group is also engaged in property development, aquaculture, agribusiness, and services.

Loading...

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Sy moves up, Villar enters Forbes list of billionaires
    Sy moves up, Villar enters Forbes list of billionaires

    Eleven Filipinos are included in Forbes’ 2015 list of richest people in the world. Filipino-Chinese tycoon Henry Sy Sr. continues to be the wealthiest man in the Philippines. The 90-year-old SM supermalls, banking and property tycoon ranked 73rd among the world’s richest with an increased net worth of $14.2 billion from $11.4 billion last year. Sy’s net worth was attributed to the continued growth of his SM Investments Corp. and his more recent venture, the City of Dreams Manila resort and …

  • Jolo apologizes to Bong in visit
    Jolo apologizes to Bong in visit

    Cavite Vice Gov. Jolo Revilla wept and embraced his father as he apologized for the “accidental” shooting incident in their Ayala Alabang residence, the family’s spokesman said yesterday. Lawyer Raymund Fortun came out of the private room at the Asian Hospital and Medical Center in Muntinlupa City to speak to reporters, who were barred from entering the hospital compound during the visit of Sen. Ramon “Bong” Revilla Jr. …

  • N. Korea fires missiles in anger at South-US military drills
    N. Korea fires missiles in anger at South-US military drills

    North Korea fired two short-range ballistic missiles into the sea and vowed "merciless" retaliation Monday as the US and South Korea kicked off joint military drills denounced by Pyongyang as recklessly confrontational. The annual exercises always trigger a surge in military tensions and warlike rhetoric on the divided peninsula, and analysts saw the North's missile tests as a prelude to a concerted campaign of sabre-rattling. "If there is a particularly sharp escalation, we could see the …

  • Australian drug smugglers being taken to Indonesian island for execution - media
    Australian drug smugglers being taken to Indonesian island for execution - media

    By Jane Wardell and Beawiharta SYDNEY/DENPASAR, Indonesia (Reuters) - Two convicted Australian drug smugglers were removed from a prison in Bali on Wednesday to be taken to an Indonesian island where they will be shot by firing squad, Australian media reported. The planned executions of Myuran Sukumaran, 33, and Andrew Chan, 31, have ratcheted up diplomatic tensions amid repeated pleas of mercy for the pair from Australia and thrown a spotlight on Indonesia's increasing use of the death …

  • No need for Revilla to visit son – prosecutors
    No need for Revilla to visit son – prosecutors

    Instead of filing an opposition, ombudsman prosecutors filed a manifestation yesterday expressing belief that there is no urgent need for Sen. Ramon “Bong” Revilla Jr. to visit his son at the Asian Hospital and Medical Center. “Based on the clinical abstract issued by the Asian Hospital on patient (Cavite) Vice-governor (Jolo) Revilla, which was submitted by accused Revilla in support of his Urgent Motion, Vice-governor Revilla is in stable condition and has stable vital signs, as of March 1, …

  • Another source of SAF execution video identified
    Another source of SAF execution video identified

    The National Bureau of Investigation (NBI) is still tracing the source of the video showing one of the wounded police commandos being finished off by Muslim rebels during the encounter in Mamasapano, Maguindanao last Jan. 25. A source from the Department of Justice (DOJ) said they have identified two persons who first uploaded the video that went viral over social networking sites. The supposed source of the video was elusive and claimed that somebody just placed it on an external drive. The …

  • Couple married 67 years holds hands in final hours together
    Couple married 67 years holds hands in final hours together

    FRESNO, Calif. (AP) — After spending 67 years together as devoted husband and wife, there was no question how Floyd and Violet Hartwig would end their lives — together. …

  • How Islamic is Islamic State group? Not very, experts say
    How Islamic is Islamic State group? Not very, experts say

    CAIRO (AP) — Three British schoolgirls believed to have gone to Syria to become "jihadi" brides. Three young men charged in New York with plotting to join the Islamic State group and carry out attacks on American soil. A masked, knife-wielding militant from London who is the face of terror in videos showing Western hostages beheaded. …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options