Toyota Tsusho Corp., the trading company of the Toyota Group of Japan, plans to acquire a 40-percent stake in the 210-megawatt Sarangani Energy coal-fired power plant in Mindanao.
Antonio Miguel Alcantara, corporate planning officer of Alsons Consolidated Resources Inc.’s power business unit, told reporters Toyota Tsusho would make the final decision next month.
“In phase 1, Toyota is investing at 25 percent so for phase 2, they’ll confirm that number or go higher if they want,” Alcantara said.
He said that based on previous talks, the Japanese company would take between 25 percent and 40 percent.
Alcantara said Toyoto Tsusho might also invest in the 105-MW San Ramon coal plant project of Alsons.
“They have been our partners for 18 or 20 years so there’s an unwritten rule that whatever we develop, we offer it to them if they want to invest,” he said.
He said Toyoto Tsusho could also invest in the 15-MW Siguil hydro project of the company in Sarangani province.
“They are also looking into Siguil but at Siguil, they are capped at 40 percent because of the 60-40 rule,” he said.
Alsons is set to start construction of the second unit of the Sarangani Energy power plant by early next year.
Saragani Energy’s first 105-MW unit began operating in April, providing 105 MW of much-needed baseload power to more than three million residents of Sarangani, General Santos City and other parts of Mindanao.