Lopez firm teams up with Marubeni on power ventures
Thursday, February 02, 2006
Philippine Daily Inquirer Via Thomson Dialog NewsEdge
THE LOPEZ FAMILYS FIRST GEN CORP. has signed a memorandum of understanding with Marubeni Corp. on the possibility of forming a joint-venture firm that will acquire non-gas power generation assets.
Under the MOU, the two parties will discuss the possibility of establishing an entity that will purchase non-gas power facilities that the state-owned National Power Corp., Philippine National Oil Co. and PNOC Energy Development Corp. will be placing on the auction block.
The joint venture will also look into the acquisition of certain privately owned power generation facilities.According to First Gens prospectus for its initial public offering, these non-gas power facilities will supply electricity to malls, hospitals, hotels and industrial estates.Aside from its 1,000-megawatt (MW) Sta. Rita and 500-MW San Lorenzo natural gas-fired power facilities in Batangas, the company is also involved in renewable energy through First Gen Renewables Inc.
FGRI is currently evaluating four potential sites in Mindanao for the construction of run-of-river mini-hydro power plants.These projects are estimated to deliver a combined capacity of 25 MW.The firm likewise plans to conduct wind power resource assessments in four potential wind sites in Luzon and the Visayas.
These assessments may be done on its own or in cooperation with nongovernment organizations, developers or equipment manufacturers.Aside from the acquisition of non-gas power assets and the development of more renewable energy resources, First Gen is also exploring the possibility of entering other energy-related fields, particularly the fuel logistics business.
This will involve the development and construction of liquefied natural gas import terminals, petroleum tanker chartering, and oil pipeline management.The firm is supervising the operations of affiliate First Philippine Industrial Corp., which transports the petroleum products of Pilipinas Shell Petroleum Corp. and Caltex Philippines Inc., from Batangas to their Metro Manila depots.
posted by philpower @ 7:42 AM,
