MANILA (Bloomberg): San Miguel Corp will build two gas-fired power plants in central Philippines for 60 billion pesos (US$1.14 billion) as the nation’s largest conglomerate shifts away from coal.
Indirect subsidiary Prestige Power Resources Inc will construct a 600-megawatt combined cycle gas plant in Leyte province for 41.5 billion pesos, while another indirect unit Reliance Energy Development Inc is planning a 300-megawatt plant in Negros Occidental worth 18.5 billion pesos, San Miguel said in a stock exchange filing on Monday. Construction of both plants will start in the third quarter of this year and commercial operations will begin in 2025.
