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PrintTwo conglomerates from Japan have expressed interest to team up with PNOC Exploration Corp. for the development of two coal-fired power plants in Isabela and Zamboanga Sibugay provinces with a combined capacity of 200 megawatts.
“A group from Hitachi and Sumitomo through their consultants went to inspect the site and the resource,” PNOC Exploration president Pedro Aquino told reporters in an interview.
Hitachi Ltd. is a multinational engineering and electronics conglomerate based in Chiyoda, Tokyo, while Sumitomo Corp. is a trader and manufacturer of various products and services in Japan.
“They are interested in the power plant, not in the mining,” Aquino said.
PNOC Exploration is seeking partners to develop two mine-mouth coal-fired power plants, with a capacity of 100 MW each, which will be powered by coal from its mines in Isabela and Zamboanga Sibugay.
Aquino said investors in the coal power plant ideally should also team up with PNOC Exploration for the operation of the coal mines.
“The other investors want power generation, the other mining… We just want a minority stake in the plant because we already own the resource. We will enter into long-term supply contract for 25 years,” he said.
He said PNOC Exploration was finalizing the grid impact assessment for the coal projects. Aquino said a final deal with the investors had yet to be concluded.
“Not yet. It’s still problematic in the sense that we have yet to secure the endorsement of local [government] units…We’re open to anybody but there are a lot who are interested,” Aquino said.
The Isabela power plant will utilize the lignite coal within PNOC Exploration’s coal concession in the area, which has reserves deemed sufficient to power a 100-MW station.
The joint venture partner for the Isabela project will be involved in the mine and power plant development as well as in operating the power station and marketing the generated electricity.
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