FDC Misamis Power Corp., the owner and operator of Mindanao’s largest baseload power plant, secured an approval from the Energy Regulatory Commission to start commercial operations.
ERC awarded FDC Misamis the certificate of compliance for the first two units of the 405-MW (3 x 135-MW) coal-fired power plant in Misamis Oriental after complying with ERC’s financial, technical and environmental requirements.
All generation companies are required to secure certificates of compliance from ERC before they can commence commercial operations.
The certificate for the third unit is expected to be secured as soon as testing and commissioning are completed, according to the company.
The power plant is owned and operated by FDC Misamis, a subsidiary of FDC Utilities Inc. and a member of Filinvest Development Corp. of the Gotianun Group.
This is the first power plant commissioned under the Duterte administration and is envisioned to end the recurring power crisis that afflicted Mindanao for years.
“Our plant will finally put an end to the recurring power crisis that has plagued the region and hopefully drive the much needed economic development in Mindanao,” said FDC Misamis president and chief executive Mario Pangilinan.
FDC Misamis’ generating plants have been supplying power to customers and other energy players at discounted rates since the start of testing, greatly contributing to the stability of the Mindanao grid.
The company secured long-term contractual commitments for more than 85 percent of the plant’s net capacity with 18 distribution utilities and industrial customers throughout Mindanao.
The power plant, located at Phividec Industrial Estate in Villanueva, Misamis Oriental is a multi-billion-peso investment that uses the latest in clean coal technology”•the circulating fluidized bed boiler technology.
“The operation of the FDC Misamis power project will greatly boost the supply security in the Mindanao region. And this is not only because of its large capacity but also due to its strategic connection to the grid. With this development, our system will be more reliable and the quality of service will be higher,” Ambrocio Rosales, OIC head of Mindanao system operations department of National Grid Corp. of the Philippines said earlier.
FDC Misamis will supply 500 MW with the inclusion of its 100-MW Apo geothermal independent power producer administrator contract upon completion of the commissioning.
FDC Misamis secured long-term contractual commitments for more than 85 percent of the project’s net capacity with various distribution utilities and large industrial customers in Mindanao.
“The entire Filinvest group is committed to Mindanao’s development. This is the biggest investment we have made among the numerous ventures we have undertaken in the region,” Jonathan Gotianun, Filinvest chairman said earlier.
Filinvest is the the holding company of Filinvest Group, one of the Philippines’ leading conglomerates with interests in property development, banking and financial services, hotel and resort management, power generation and the sugar industry.
FDC had assets valued at P448.56 billion with stockholders’ equity at P100.54 billion as of end-June.