The Global Business Power Corp. (GBPC) is looking to expand in the Luzon and Mindanao regions through investing in traditional power projects and entering the renewable energy sector to double its capacity in five years.
GBPC’s newly-appointed president Jaime Azurin said that the company’s main thrust is to expand to other regions and establish “green” power plants outside of its bunker and coal power plant portfolio.
This will allow the company to reach its goal of around 1,500 to 2,000 MW in total capacity by 2022.
“So, that is the vision of our company for the next five years, to be able to enter Luzon and Mindanao as well as to develop new technologies that will complement the existing power plants that we have,” he added.
GBCP’s market share in Visayas is already at 29 percent, which is already near the market share limitations (MSL) for generation companies of 30 percent.
The company is working on a 670-MW supercritical coal-fired power plant in Luna, La Union that will be under the Global Luzon Energy Development Corp.
GBCP has already secured local government endorsements and land conversion certificates, while transmission route surveys and engineering, procurement, and construction (EPC) selection are ongoing.
They are also waiting for the Energy Regulatory Commission’s approval of the 600-MW power supply agreement with Manila Electric Co. (Meralco).
Meanwhile, in Mindanao, the company is still exploring for possible investments in the region but has already formed the Mindanao Energy Development Corp.
As for its venture in renewable energy, GBCP is targeting biomass, hydropower, and solar technologies to complement its current portfolio.
“Our goal is to be at least to have about 10 to 20 percent of renewables. The technologies that we are looking at are biomass, hydro and solar,” Azurin said.
A 100-MW hydropower plant is in the works but the company did not disclose further details.
“A partnership is being discussed. We’re discussing the partnership, which could be closed by first quarter next year,” Azurin said.