Stakeholders of STEAG State Power Inc. will add another 150-megawatt capacity to their 232-megawatt coal-fired facility in Misamis Oriental.
In a statement, Aboitiz Power Corp. said its partners, Germany-based Evonik Steag GmbH and La Fiipina Uy Gongco Corp., will share in project expenses.
Aboitiz controls 34% of the power plant while Steag and La Filipina group own 51% and 15%, respectively.
The project, which is expected to be completed by 2013, will be providing cheaper power to Mindanao.
“This project assures Mindanao of reliable and cost-effective power to fuel its continued economic advancement,” APC president and chief executive Erramon Aboitiz said.
APC is the holding company for the Aboitiz Group’s investments in power generation, distribution, retail and power services.
It is a major producer of renewable energy in the country with several hydroelectric and geothermal assets in its generation portfolio.