General Santos Diesel Power Plant

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This 50-MW project is located in General Santos City in southern Mindanao. The plant will be fueled by Bunker-C diesel fuel. Electricity will be delivered to the Mindanao grid under a power purchase agreement (PPA) with Napocor. The project was financed by both $22.5 million in equity and $55 million in debt. Southern Philippines Power Corporation, the project company, was a partnership among Aboitiz Equity Ventures; Conal Holdings Corporation, a 60:40 joint venture between Alsons Consolidated Resources and EGCO of Thailand; and Tomen Power (Singapore) Pte. Ltd., a subsidiary of Toyota Tsusho Corporation. The Philippines Board of Investment granted several incentives to the project company, including a tax holiday following the construction phase and reduced import tariffs. Alsons Consolidated Resources was the holding company of the Alcantara Group.