- 600 MW, coal fired station
- Bataan Peninsula, island of Luzon, Philippines
- Expected to have the lowest marginal operating cost of any coal project on the grid
- Providing jobs and substantial economic stimulus to a developing economy
The GNPower Mariveles Coal Project ("Mariveles Project") is a 600 MW station currently in the late stages of development on the Bataan Peninsula, on the island of Luzon in the Philippines. Financial closing is expected to occur before the end of 2008 with Chinese and Philippine entities providing debt. Equity for the Mariveles Project will be funded by Sithe Global, General Electric Energy Financial Services ("GE EFS") and Denham Capital Management ("Denham"). The Engineering, Procurement and Construction counterparty is expected to be a subsidiary of Sinomach (China).
The Luzon power market ranks as one of the most attractive in Asia. Its regulatory framework is investor-friendly and transparent, and low current per capita electricity consumption combined with robust economic growth should ensure moderate to high demand growth. There is an ongoing privatization of the state-owned generation and transmission assets. The Mariveles Project is expected to have the lowest marginal operating cost of any coal project on the grid when completed. It will provide significant benefits to the local community by reducing electricity costs, as well as providing jobs and substantial economic stimulus.
The Mariveles Project will consist of two identical 300 MW power blocks using proven Pulverized Coal Combustion technology. It will be designed to meet the more restrictive of Philippine and World Bank standards. The Mariveles Project will make available generating capacity and sell power to offtakers under long-term power purchase agreements, as well as a portion into the Philippine Wholesale Electricity Spot Market. Coal will be sourced under long-term offtake agreements with Indonesian suppliers.
Jason Oliver
Vice President, Development
Project Manager: Bujagali, GNP Mariveles
EXTERNAL LINKS
For more information on GE EFS, see www.geenergyfinancialservices.com.
For more information on Denham, see www.denhamcapital.com.