AboitizPower is the Philippines’ leading provider of renewable energy, advancing business and communities towards A Better Future.
STEAG State Power, Inc.
STEAG State Power, Inc. (STEAG Power) is the first coal-fired power plant in Mindanao operating with a 232 MW capacity.
Incorporated on December 19, 1995, STEAG Power is located at the PHIVIDEC Industrial Estate in Villanueva, Misamis Oriental. Its commercial operations began on November 15, 2006, and has since been a reliable electricity provider in Mindanao, helping sustain the island’s economic growth and progress.
AboitizPower holds a 34 percent stake in STEAG Power. La Filipina Uy Gongco Corporation holds the other 15 percent while the majority of shares are owned by Steag GmbH (Germany), STEAG Power’s parent company, at 51 percent.
The coal plant is involved in a 25-year power purchase agreement with the National Power Corporation (NPC), which is backed by a performance undertaking issued by the national government.
STEAG Power was registered with the Board of Investments as a pioneer enterprise with a six-year Income Tax Holiday incentive. The incentive expired on November 14, 2012.
Cebu Energy Development Corporation
The Cebu Energy Development Corporation (Cebu Energy) manages three 82 MW coal-fired power plants at the Toledo Power Complex in Barangay Daanlungsod, Toledo City, Cebu.
It was established by Abovant and Global Formosa Power Holdings, Inc. (Global Formosa) — a joint venture between the Global Business Power Corporation of the Metrobank Group and Formosa Heavy Industries, Inc. Abovant currently holds a 44 percent stake in Cebu Energy while the remaining 56 percent belongs to Global Formosa.
Cebu Energy uses state-of-the-art Circulating Fluidized Bed (CFB) technology which harnesses the heat energy from coal to turn water into steam. Much like Therma South, Inc. and Therma Visayas, Inc., CFB uses a special process that is more power-efficient while at the same time safer for the environment.
AboitizPower’s effective interest in the power plant, which in 2012 completed its first full year of commercial operations, is approximately at 26.4 percent.