Aboitiz Equity eyes first quarter of 2010 for coal-fired power plant

In a phone interview, Aboitiz Equity Senior Vice-President and Chief Financial Officer Stephen G. Paradies said they would complete 82 megawatts in February or March 2010, while the remaining 164 megawatts would be operational by June or July.The coal plant costs about $450 million.

The plant is a project of Global Formosa — a joint venture between Metrobank Group subsidiary Global Business Power Corp. and Formosa Heavy Industries Corp. of Taiwan — and Abovant Holdings Corp., which is a joint venture between Aboitiz’s energy unit Aboitiz Power Corp. and Vivant Energy Corp. Global Formosa owns 56% of the project, while Abovant has a 44% interest.

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