Power generation company 1590 Energy Corp. has secured full ownership of a 225-megawatt (MW) diesel power plant in La Union.
In a statement, 1590 Energy said the La Union provincial government issued a notice of award for the ownership of the Bauang Diesel Power Plant (BDPP) to the company.
“The Provincial Government of La Union issued on April 6 the notice of award to 1590 Energy, which made the highest bid for the plant during the public auction following a post-qualification evaluation,” the company said.
It said the sale will be concluded through a Deed of Transfer and Conveyance that will be executed by the two parties to formally transfer the ownership of BDPP to 1590 Energy.
“We welcome this opportunity to solidify our commitment to be a partner in the continued development of both the Province of La Union and the Municipality of Bauang. We will invest further into BDPP to continue providing stable and reliable power to the grid,” said 1590 Energy chairman Emil Andre Garcia.
1590 Energy said it has been operating and maintaining BDPP since 2010 under a lease contract with the provincial government of La Union.
BDPP, the largest bunker-fired power plant in terms of generating capacity, has helped address the supply needs of the Luzon grid since the start of its commercial operations in 1995, according to the company.
“While diesel-fired plants use fossil fuel technology, the speed at which they can be fired up supports the expansion of renewable energy in the total energy mix by providing fast-reacting ancillary power to support renewable energy expansion,” said 1590 Energy president Mark Habana.
1590 EC is a majority-owned subsidiary of Vivant Energy Corp., which is, in turn, a wholly-owned subsidiary of Vivant Corp.
Vivant Energy is holding the Vivant Group’s investment portfolio in power generation and supply assets. —VBL, GMA News
1590 Energy secures ownership of 225-MW diesel power plant in La Union
Source: News Panda Philippines
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