GNPower proposes to build 600-MW plant
Tuesday, September 19, 2006
By BERNIE CAHILES–MAGKILAT
GNPower Ltd. Co., a Nauru-registered firm, has proposed to put up its second power project for a 600-megawatt coal-fired power plant in the country at a cost of P43.9 billion.
The project, which was approved by the Board of Investments (BoI) on pioneer status, has proposed to put up its power plant in Barangay Alsasin Mariveles, Bataan.
Power generation projects using non-renewable energy source with cost in excess of P1 billion shall be classified as pioneer in status. As such GNPower would be entitled to an income tax holiday incentive of as long as six years.
GNPower was also endorsed by the Department of Energy for BoI registration.
The Nauru-American firm has proposed to supply to the Luzon power grid, which is forecasted to post a shortage in capacity by 2010. The construction of said power plant is expected to commence in mid-2007.
The proposed coal plant will consist of two identical 300-MW power blocks and will use pulverized coal technology. Imported ultra suphur and low ash coal will be the major fuel used throughout the life of the plant with low sulphur bunker fuel oil only used during start-up operation.
GNPower has been actively developing an integrated Energy Complex comprised of state of the art generating plants as well as modern, environmentally-compliant fuel handling facilities on a 75-hectare parcel of coastal land directly across from Corregidor Island at the mouth of Manila Bay near the Port of Mariveles on the Bataan Peninsula.
The energy complex has a reserved space for coal-fired power plant, a liquefied natural gas power plant and import terminal.
The project is will employ 150 and will start operation by December 2010.
GNPower is 99 percent owned by Power Partners Ltd. Co. and 1 percent by PMR Holdings Corp.
The first power project of GNPower was registered with the BoI in March 2004 with a huge project cost of P96.58 billion for a 1,200 MW power plant also in Bataan.
posted by philpower @ 8:36 AM,
