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Mitsubishi to Build Coal Fired Power Plant in the Philippines

Tokyo, Feb 3, 2014 (JCN) - Mitsubishi Corporation (MC), together with Toshiba Plant Systems & Services Corporation (TPSC), has concluded a contract with MINERGY Coal Corporation (MCC) to build a thermal power plant in the Philippines. MCC is a wholly owned subsidiary of Mindanao Energy Systems, Inc., a power generation company established by Cagayan Electric Power & Light Company, Inc.

The plant, located in Balingasag in Northern Mindanao, will be composed of two units of 55MW each. The project is being undertaken on a Full Turn-Key (FTK) basis with completion expected by the end of March 2017. Under the Full Turn-Key contract, MC, together with TPSC, will execute the project in its entirety, including engineering, civil work, procurement, erection and testing.

In addition to these two units, another unit may be ordered within this fiscal year as an option. The total contract price including the option would be around USD 300 Million.

Electricity demand in the Philippines, especially in Mindanao, is expected to see a remarkable increase due to rising population and stable economic growth. New infrastructure, including the development of new power plants, is urgently needed in order to fulfill the growing demand for electricity. This project is expected to serve as a model for infrastructural development in Mindanao.

Under its "New Strategic Direction", the MC's recently released corporate strategy, the company is seeking to accelerate global business development by leveraging the shift towards Asian markets, which are gaining greater international presence both as resource and as consumer markets. MC therefore intends to continue pursuing power generation related business opportunities in Asia in the future.

By Chris Lui Staff Writer

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