After surprising the energy sector with its winning bid, Fort Pilar Energy, Inc. is planning to transform the 650-megawatt Malaya Thermal Power Plant (MTPP) and its land into a “modern energy facility.”
Fort Pilar Energy CEO Joseph Omar Castillo said the MTPP will further strengthen the growing energy asset portfolio of the Zamboanga-based firm, while a modern energy facility in the site could be used to support the power situation in Luzon.
Castillo also said that their bid will not only help pay the stranded debts of the Power Sector Assets and Liabilities Management Corporation (PSALM), but also provide fresh funding for the government.
PSALM already had several attempts to privatize the MTPP to pay for the government-owned firm’s obligations, which it assumed from the National Power Corporation under Republic Act 9136 or the Electric Power Industry Reform Act (EPIRA).
Established in 2019, Fort Pilar Energy said it aims to facilitate rural development and boost industrialization by modernizing the Philippine electrical system especially in rural areas.
The firm has invested more than Php5 billion in battery energy storage facilities in the Zamboanga Peninsula to help with the voltage issues in the region. The facilities have a total installed capacity of over 100 megawatt-hours and are expected to begin operations by the first quarter of 2022.
Fort Pilar Energy is also looking to build modern multi-fuel power generators running on high efficiency and low emission technologies to enhance the power stability in Mindanao.
