By Juzel L. Danganan
MANILA, May 15 (PNA) — FDC Utilities Inc. (FDCUI), a subsidiary of Filinvest Development Corporation (FDC), announced Friday that its 405-megawatt (MW) FDC Misamis coal-fired power plant is on track with its commissioning target by the first half of 2016.
”FDC Utilities will commission its 405-MW coal-fired power plant by the first half of 2016,” FDC president and CEO Josephine Gotianun-Yap said during Filinvest’s Annual Stockholder’s Meeting (ASM) at the Crimson Hotel in Alabang on Friday.
Yap noted the Php 30.02 billion power plant will help alleviate the power shortage in Mindanao.
The three 105 MW phases will be commissioned one by one, but the plant will fully be built by the first half of 2016.
Data from the Department of Energy (DOE) confirms that the first unit will be operational by June 2016.
FDC has already signed 90 percent of the capacity to off takers, with an expected 15-25 percent contribution to its net income by next year.
Yap said the company had no problem in finding off takers for the power plant due to its recent experience in finding off takers for its Independent Power Producers (IPP) Administrators contracts for 40 MW of the Unified Leyte geothermal power plants and 100 MW of the Mt. Apo 1 and 2 geothermal plants.
Meanwhile, Yap also expects FDCUI will have an increased income this year due to its two IPPA contracts. “We look forward to recognizing revenues from these IPPA contracts this 2015, a year ahead of schedule.”
FDC will also allocate Php 18 billion to FDC Utilities Inc. for its capital expenditures this year.
Yap further said FDCUI will continue to look for opportunities, from either conventional or renewable resources, to support the economic growth of the country.
She cited FDCUI’s bid on a hydro service contract offered by the Department of Energy (DOE).
FDC Utilities has six other subsidiaries namely FDC Negros Power Corporation, FDC Davao del Norte Power Corporation, FDC Danao Power Corporation, FDC Camarines Power Corporation, FDC Misamis Power Corporation, and FDC Casecnan Hydro Power Corporation. (PNA)