February 2, 2015
Business World, By Claire-Ann Marie C. Feliciano
“The details are still being finalized. We think it will happen within the year,” RHI Chairman Pedro E. Roxas said on the sidelines of the 44th annual membership meeting of the Philippine Business for Social Progress.
Mr. Roxas said the investment cost is “still being reviewed” but noted that the joint venture will come up with more details after a board meeting scheduled this month.
In December, the two companies announced the signing of a memorandum of agreement that involves the front-end engineering design study and other pre-development studies for the 40-MW cogeneration facility in La Carlota City.
The recently signed agreement details RHI and GBPC duties and responsibilities related to the financing, design, construction, ownership and operation of the 40-MW biomass power plant that will be located within the premises of RHI’s Central Azucarera de la Carlota, Inc.
RHI and GBPC also agreed to establish a joint venture company to operate the plant that is eyed for completion by 2017.
Mr. Roxas said in February last year that around 12-15 MW of the total electricity generated by the power plant would be utilized by RHI’s sugar mill in La Carlota, while the remaining will be sold to other off-takers.
GBPC is as one of the largest independent power producers in the Visayas.
The company owns and operates nine power plants in the region with a total installed capacity of 622 MW.
The firm is a joint venture among First Metro Investments Corp., an investment unit of Metropolitan Bank & Trust Co.; GT Capital Holdings, Inc., Japan’s ORIX Corp. and Meralco PowerGen Corp.
Meanwhile, RHI operates integrated sugar businesses. It manages 100% of Central Azucarera Don Pedro, Inc. in Nasugbu, Batangas; as well as Central Azucarera de la Carlota, Inc. and Roxol Bioenergy Corp. in La Carlota City.
In November 2013, First Pacific Company Ltd. subsidiary First Pacific Natural Resources Holdings BV acquired a 31% stake in RHI.
Shares of RHI gained five centavos or 0.71% to end at P7.05 on Monday.
First Pacific partly owns Philippine Long Distance telephone Co. (PLDT). Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld.
Reference: http://www.bworldonline.com/content.php?section=Economy&title=rhi-gbpc-p...