Filinvest studying Luzon hydro plantDate: May 2, 2017
Conglomerate Filinvest Development Corporation plans to expand its power business portfolio to include renewable energy projects, such as a hydropower facility in Luzon.
FDC president Josephine Gotianun Yap said in a recent interview that the group was looking at developing a hydropower plant in Luzon, after it completed a 405-megawatt coal-fired power plant in Mindanao.
“We are looking at Luzon market, for possible renewable energy like hydro,” Gotianun Yap said.
She did not give more details on the planned expansion, as the group was still conducting studies on renewable energy.
FDC hopes to finalize an investment plan this year.
FDC’s power generation unit FDC Utilities, Inc. completed a 3 x 135-MW clean coal power plant in Villanueva, Misamis Oriental in December 2016.
“We are excited to start supplying much-needed electricity to the Mindanao grid. This will not be immediately reflected in the revenues, however, since commercial operations started towards the end of the year,” Gotianun Yap said.
FDC re-entered the power generation industry in 2011. The group gained experience in the power industry in 1995 through the ownership of East Asia Power Corp. and eventually Cebu Private Power Corp. in 1998 until 2000.
Meanwhile, Gotianun Yap said the company was on track with a target to build 5,000 hotel rooms by 2020.
She said the company identified new sites in Cebu, Puerto Princesa, Tagaytay, Cubao, and Clark for hotel expansion. Slated to open this year is Crimson Boracay, a 150-room hotel that will push the group’s hotel portfolio to 1,500 rooms by end-2017.
The group also plans to launch a new hotel brand for millennials. FDC currently operates two hotel brands—Quest and Crimson.
FDC, in partnership with JG Summit group, also submitted a P187-billion unsolicited proposal to develop Clark International Airport. The 50:50 joint venture aims to expand the passenger capacity of the existing airport to 36 million passengers annually.
Source: The Standard
*Minor changes made