Bataan EPZA Diesel Plant

concluded

This 58-MW plant was located in the Bataan Export Processing Zone. The plant was fueled by bunker C diesel fuel. 8-MW of generated power was sold to the Export Processing Zone (EPZ) and the rest was sold to Napocor. The plant started its commercial operations in 1994, but it was fully operational by mid-1997. The project was financed by both equity and debt, the latter in the form of loans from sponsor Edison Global Electric of Hong Kong. Public sponsors of the project inlcuded both Napocor and the Bataan Export Processing Zone Authority. In August 1996, Ogden Energy Group, which was renamed Covanta Energy in 2001, acquired an equity stake in the facility. Due to the inability to obtain a profitable power off-take agreement for this project following the June 2004 expiration of its principal off-take agreement, the project company in August 2004 exercised its option to pre-terminate its remaining off-take agreement and ceased operations.