Regulators have authorized Sorsogon II Electric Cooperative Inc. (Soreco II) to source its power from GNPower Mariveles Coal Plant Ltd. Co. (GMCP), where conglomerate Ayala Corp. acquired a 17.1-percent stake last year to add to its growing power generation portfolio.
In a ruling, the Energy Regulatory Commission (ERC) said it has provisionally approved their joint application for a power purchase and sale agreement.
The ERC resolution said the contract has a term of 15 years after receipt of the commencement date notice by GMCP. Under the agreement, 11,000 kW will be made available to Soreco II at any hour for the first 60 months, provided that GMCP has enough available capacity for corresponding hours. From the 61th month to the 180th month, 8,000 kW will be available to Soreco II at any hour, provided that GMCP has enough capacity for the contracted hours.
Late last year, conglomerate Ayala acquired a 17.1-percent stake in GNPower Mariveles Coal Plant Ltd. Co. (GMPC) and its 600-megawatt coal-fired plant in Mariveles, Bataan, for $155 million.