Global Business Power Corp., a power producer now controlled by First Pacific Co. Ltd., will build a 40-megawatt biomass facility in the Visayas, a top executive said Wednesday.
“We are looking for new opportunities in the Visayas mainly on the renewables part [with] respect to our sugar mills,” First Pacific managing director Manuel Pangilinan told reporters.
First Pacific’s associate, Beacon Electric Asset Holdings Inc., through wholly-owned subsidiary Beacon PowerGen Holdings Inc., acquired 56 percent of Global Business Power for P22.6 billion in May.
JG Summit Holdings Inc. of the Gokongwei Group agreed to take a 30-percent stake in Global Business Power through GT Capital Holdings Inc. and Meralco PowerGen for P11.8 billion.
Meralco PowerGen, the power generation arm of Manila Electric Co., reduced its stake to 14 percent in Global Business Power.
Pangilinan, who also sits as Meralco chairman, said the plan was to build a 40-MW biomass facility in La Carlota City, Negros Occidental and three smaller power plants in Bacolod City and Batangas.