The Philippines' Aboitiz Power Corporation has offered to invest 25bn pesos ($586m) of its own funds to accelerate construction of its proposed 300 MW coal fired plant in Davao.
“To save time, Aboitiz Power is ready to invest its own funds, amounting to 25bn pesos, instead of seeking financing from other institutions to fast-track construction,” the company said in a press statement, according to Manila Bulletin.
The coal fired power facility will be equipped with circulating fluidized bed (CFB) coal combustion technology and is due for completion in 2014.
Aboitiz Power first vice president for Mindanao affairs Manuel Orig said: “Unless the proposed power plant is constructed soon, the energy supply situation in Mindanao will become more precarious, especially as 2011 enters the dry summer season,” he added. By the company’s own estimate, Mindanao state may suffer from a supply shortage of 480 MW by 2014.