Fort Pilar Energy Inc., a firm owned by the family of businessman-politician Michael “Mikee” Romero, is looking to develop up to 3,000 megawatts (MW) of power projects in its portfolio in the next five years.
At the handover ceremony of the 650MW Malaya Thermal Power Plant (MTPP) on Monday, Fort Pilar Energy Chairperson Sheila Romero said that the firm plans to meet its target through both greenfield developments and acquisitions.
The Romero-led firm surprised the country’s power sector, as it beat the Ayalas’ AC Energy in the final round of bidding for the MTPP back in May. Recently, it acquired the 28.59MW Digos Solar Power Plant in Davao Del Sur, which it plans to expand to 40MW. The company also is in the process of developing a battery storage facility in Zamboanga City.
Fort Pilar CEO Joseph Omar Castillo said the company would be aggressive in looking for investments throughout the country, so it could capture a good market share.
For the MTPP in particular, Castillo said Fort Pilar Energy has allocated Php500 million for the repair of the 350MW Unit 2.
As for the 300MW Unit 1, Fort Pilar Energy is expected to complete its feasibility study next year, which would determine if the generator needs to be replaced or rehabilitated, as well as how much capital would have to be poured in. The firm also plans to change the generator’s engine to a multi-fuel one from solely on diesel, so it can also run on liquefied natural gas (LNG) once the country’s LNG import terminals are completed.
Romero, for her part, said the firm plans to keep the MTPP as the premier back-up of the Luzon Grid, the biggest of the country’s three grid systems.