Representing the company’s third natural gas-fired power plant in the country, the 414MW CCPP will be built adjacent to its 1,000MW Sta. Rita and 500MW San Lorenzo natural gas plants for cost of $600m, InterAksyon reports.
The construction is expected to be financed by the company through loans and the proceeds of a recent $300m bond offering.
First Gen’s wholly-owned subsidiary First NatGas Power, has already awarded a €395m contract to Siemens to supply the equipment and construct the power facility, in December 2013.
The company has also contracted Siemens Power Operations to operate and maintain the facility for nine-and-a-half years once it starts operation.
The commercial operations of the San Gabriel plant’s first three generating units are expected to commence by the second quarter of 2016, according to the news agency.
