Subsidiaries of Aboitiz Power Corp. and TeaM Energy Corp. have signed a joint venture agreement to expand the Pagbilao power plant in the Philippines.
Therma Power Inc and TPEC Holdings Corp have signed an agreement to develop, build and operate the 400 MW Pagbilao coal-fired unit 3 in Quezon. They have also appointed a consortium of Mitsubishi Hitachi Power System Ltd., Daelim Industrial Co. Ltd., DESCO and Daelim Philippines to carry out the engineering, procurement and construction (EPC) for the project.
Pagbilao unit 3 will be built adjacent to the plant's existing 350 MW units 1 and 2. The project will cost approximately $600-700 million and will be financed through 70 per cent debt and 30 per cent equity.
Unit 3 is expected to be operational by 2017.
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