Philippines-based power distributor Meralco (Manila Electric) has unveiled plans to build a 300MW coal-fired power plant in the North of Manila, Philippines.
The plant is part of $2.3bn plan by Meralco which intends to expand its power generation portfolio to 1,500MW.
Meralco first built the 150MW liquefied natural gas fired plant in Laguna.
The project is estimated to cost PHP27 billion ($625m).
Meralco senior vice president and chief finance officer Betty C. Siy-Yap said 30% of the funds would be obtained from equity infusion and the remaining through project financing.
Meralco president and CEO Manuel V. Pangilinan expects the distribution utility business would pose better results and earnings for this year in comparison to the last year.
Commercial operations of the plant are scheduled to commence this year and is targeted to be complete by 2014, reports Philippine Daily Inquirer.