MANILA, April 24 (PNA) — South Luzon Thermal Energy Corp. (SLTEC), a joint-venture between Trans-Asia Oil, Energy Development Corporation (EDC) and Ayala Corporation, has completed the construction of its first 135-Megawatt (MW) unit Friday.
“Please be informed that South Luzon Thermal Energy Corp. (SLTEC), a 50 percent-owned subsidiary of Trans-Asia Oil and Energy Development Corporation has achieved Commercial Operations Date (COD) for the first unit of its 2 X 135-MW Circulating Fluidized Bed (CFB) Power Plant in Calaca, Batangas on April 24, 2015,” Trans-Asia said in a disclosure with the Philippine Stock Exchange (PSE) Friday.
The two companies have an equal stake on SLTEC, both holding 50 percent, with Ayala owning the company through its AC Energy Holdings subsidiary.
Ayala Corporation noted, in another disclosure Friday, that Trans-Asia will purchase the entire electricity production of SLTEC for 15 years.
“Upon COD, Trans-Asia will purchase all of the generated output of SLTEC through a 15-year power purchase agreement,” Ayala Corp said.
The COD of the first unit is timely, with the expected high power demand on May due to the prolonged and increased use of cooling appliances brought by the temperature boost.
Ayala disclosed on January that SLTEC’s second 135 MW unit will complete its construction by the end of the year. (PNA)