2:08 pm | Thursday, October 24th, 2013
MANILA, Philippines–To meet the growing electricity requirements of its franchise area, the Busuanga Island Electric Cooperative (BISELCO) entered into a 15-year Power Sale Agreement with the Calamian Islands Power Corporation (CIPC) whose new power projects are expected to be online by 2014.
CIPC is the project proponent of a new 8 MW bunker and 750 kW diesel-fired power generation plants in the municipalities of Coron and Busuanga, respectively. CIPC broke ground in April 2013 for the construction of these facilities. The company expects to complete the plants and be commercially available by next year.
To fund the construction of these generation plants in Palawan, CIPC obtained a P430 million project financing facility via a 10-year Term Loan Agreement with the Metropolitan Bank and Trust Company.
The municipalities of Busuanga and Coron are expected to enjoy more stable power as these plants come online. The islands are fast becoming a popular tourist destinations for both local and foreign nationals. Investments in the tourism industry are expected to grow further with more dependable power supply.
CIPC is a 50:50 joint venture of Vivant Energy Corporation (VEC) and Gigawatt Power, Inc. VEC is a wholly owned subsidiary of Vivant Corporation – the publicly-listed holding company of the Garcia-Escano family of Cebu.
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Tags: Business , busuanga , power sector , vivant
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