Sunday, 25 Dec 2011
Reuters reported that the Philippines' largest coal producer, Semirara Mining Corp a wholly owned unit had signed 7 year deal to sell up to a 410 MW power capacity to Manila Electric Co.
The deal between Meralco, the country largest power distributor, and Semirara SEM-Calaca Power Corp unit involves an initial contracted capacity of 210 MW which can be increased by 200 MW.
The two parties could extend the deal by three years, Semirara told the stock exchange without disclosing any financial details.
SEM-Calaca owns a 600 MW coal fired thermal power plant in Batangas province, south of Manila while Semirara operates the country biggest coal mine located in the central Visayas region.
Meralco which is indirectly controlled by Hong Kong-based conglomerate First Pacific Co Ltd and partly owned by San Miguel Corp is looking to build power plants with a total capacity of 1,500 MW over the next four years to meet an expected increase in power demand.
(Sourced from Reuters)
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