San Buenaventura Power Ltd. Co., a company led by Meralco PowerGen Corp., spent an initial P9.4 billion to build a 455-megawatt coal-fired power plant in Mauban, Quezon.
Meralco PowerGen senior vice president Angelito Lantin said construction of the state-of-the-art super-critical coal-fired power plant started and was expected to be completed by 2019.
A notice to proceed was issued to the main engineering and procurement contractors Daelim Industrial Co. Ltd. of South Korea and Mitsubishi Corp. of Japan.
A separate notice to proceed was issued to the contractors for the transmission line and switchyard upgrade.
“The P42.1-billion financing was secured in 2015 following the signing of a project finance agreement with a consortium of local banks,” Lantin said.
The groundbreaking ceremony was held in December 2015, which signaled the start of construction of the power facility that would provide baseload supply in Luzon.