MikeLigalig.com

By Ma. Elisa P. Osorio
The Philippine Star

Taiwanese investors are looking at entering the local energy sector with close to $1 billion in potential investments, Steve Ruey-Long Chen, Taiwanese Economic Affairs Minister said.

In an interview at the sidelines of yesterday’s special meeting of the Philippine-Chinese Business Conference and the Chinese Philippine Business Conference at the Hotel Intercontinental yesterday, Chen said Formosa Heavy Industry has invested over $500 million while Taiwan Cogeneration International Corp. (TCIC) is expected to put in $400 million.

The half a billion investment of Formosa Heavy Industry is for the 500-megawatt power (mco) plant in Cebu and Iloilo while TCIC is planning to put a 300-mw plant in Subic.

Formosa Heavy Industries entered a joint venture agreement with Metrobank group subsidiary Global Business Power Corp. for the construction of a  power plant using clean coal technology.

The joint venture agreement completes the plans of Global Power to expand its power plants in Cebu and Panay in answer to the urgent need for more electricity in the Cebu-Negros-Panay grid.

Formosa Heavy Industries owns and operates over 14,000 mw of coal fired plants in Asia, mainly Taiwan, China and Vietnam.

The Formosa Group of Companies, a global conglomerate and one of the largest plastics and petrochemical companies in the world owns the Formosa Heavy Industries.

Meanwhile, TCIC signed a memorandum of agreement with Aboitiz Power Corp. (APC) to form a joint venture company and conduct a feasibility study for a coal-fired power plant in the Subic Bay Freeport Zone.

The plant is expected to offer electricity to Subic Enerzone Corp., the electric distribution utility operator in the freeport zone. The Subic area continues to attract new locators — all of which will need to be supplied with electricity at a reasonable price.

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