Fort Pilar Energy Inc., the declared winning party in the negotiated sale process of the 650-megawatt (MW) Malaya Thermal Power Plant (TPP), expects its P5-billion investment in energy storage facilities to be operational by early 2022.
“Fort Pilar Energy has already invested over P5 billion in building energy storage facilities in the Zamboanga peninsula to help address the voltage issues in the said area. These energy storage facilities, with a total installed capacity of over 100 megawatt hour, are expected to be operational by first quarter of 2022,” it said Tuesday.
Fort Pilar also plans to build modern multi-fuel power generators running on high efficiency and low emission (HELE) technologies to further improve power stability in Mindanao.
The company, which was established in 2019, aims to facilitate rural development and boost industrialization by modernizing the Philippine electrical system, particularly the stability and quality of power in rural areas.
The company earlier submitted a P3.12-billion offer to the Power Sector Assets and Liabilities Management Corp. (PSALM). The amount is more than the P1.85-billion minimum offer price set by the government. Also, Fort Pilar’s bid bested AC Energy Corp.’s P2.22-billion offer.
“We are excited to win the bid for the Malaya thermal plant. Our company places great value on the strategic location of this plant that lies at the very heart of the Luzon grid,” said company chief executive officer Joseph Omar A. Castillo. “We envision a modern energy facility in the site to strengthen the power situation in Luzon.”
Also, the company is looking forward to closing the sale for the plant with PSALM to boost government funds. “We are cognizant that our bid of P3.125 billion will not only help pay the stranded debts of Napocor but also provide fresh funding for the government,” said Castillo.
PSALM said the negotiated sale will be subject to a post-qualification process to ensure that the winning party has met all the financial and legal requirements.
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