Meralco affiliate Meralco Powergen Corporation (MGen) commissioned the San Buenaventura Power Limited Company (SBPL).
This power-generating station is a super-critical power plant that coal fires.
For this venture, MGen is in cooperation with New Growth B.V. The latter is an affiliate firm of Thailand-based company Electricity Generating Public Company Limited.
As scheduled, both groups commissioned the power initiative SBPL on September 26, 2019.
Philippine daily newspaper The Philippine Star reported that SBPL would be a promising contributor to Meralco’s operations.
This power initiative is a 455-megawatt (MW) electricity-generating station based in Mauban, Quezon. Moreover, a project finance facility financed the SBPL partially.
The group reportedly shelled out P42.15 billion to fund the construction of the power station that costs P56.2 billion.
Furthermore, Meralco would purchase the capacity of SBPL. This deal is under a power supply contract with a period of 20 years.
Plus, in 2015, the Energy Regulatory Commission had already inked this agreement.
Two foreign companies with very robust track records were behind the building of the province-based SBPL.
Japanese company Mitsubishi Corporation is one of them. The other firm is a South Korean company, Daelim Industrial Company Limited.
Both groups are seasoned construction, procurement, and engineering contractors.
The SBPL was reportedly able to give 852 gigawatt-hours (GWh) to Meralco since it commenced its operations during the culmination of last year.
MGen chief executive officer Rogelio Singson cited that the amount of power that the SBPL generated was equal to the average plant accessibility of more than 87 percent.
Furthermore, within the franchise area, the MGen president relayed that SBPL has eased the power supply.
This reality comes as, for nearly ten days, approximately 630-MW power generation station capabilities went into maintenance closedown.
This shutdown took place during last year’s fourth quarter. Singson disclosed that MGen contributed approximately P300 million to the 2019 net income of Meralco.
With SBPL’s full operations, he cited that they expect to chip in approximately P1 billion to their parent company this year.
Meanwhile, Ray Espinosa is the chief executive officer of Meralco.
The company’s president stated that they are delighted with the latest benefits MGen is capable of delivering to his company.
On Friday, February 28, 2020, Manila Electric Company (PSE: MER) closed at P269.80 per share.
This last trade price of the shares of Meralco is up by P9.80 or 3.77 percent. Furthermore, the total turnover value reached P106,496,834.00.
The Philippine Stock Exchange recorded the 52-week high of the company at P391.00. Meanwhile, its 52-week low is at P255.20.
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