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MGen to spend $2 B for expansion
The Philippine Star
|November 28, 2024
Meralco PowerGen Corp. (MGen), the generation arm of power giant Manila Electric Co. (Meralco), has estimated a capital outlay of at least $2 billion to develop two coal-fired power facilities in Cebu and Quezon.
SINGAPORE —
At a media briefing here on Tuesday, MGen president and CEO Emmanuel Rubio said four local banks and two Indonesian lenders have expressed interest in financing the construction of the 1,200-megawatt Atimonan plant in Quezon and the 80-MW Toledo project in Cebu.
Similar to facilities powered by natural gas and geothermal energy, coal plants are regarded as reliable sources of baseload power due to their capacity to operate continuously and provide uninterrupted supply of electricity.
Rubio estimated an investment of about $1.6 million for each MW of coal-fired power plants or $2 billion for the two facilities with a combined capacity of 1,280 MW. The two projects have secured environmental compliance certificates from the Department of Environment and Natural Resources.
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