State-owned Korea Electric Power Corp. (KEPCO) is divesting its two energy assets in the country within the first half of the year as it plans to focus on developing renewable energy.
In particular, KEPCO is selling its 60% stake in KEPCO SPC Power Corp. (KSPC), and its 40% interest in SPC Power Corp. The move is to strengthen its commitment to carbon neutrality further and is in accordance with its plan for the complete phaseout of coal by 2050.
KEPCO said that shortlisted bidders are now undertaking due diligence and site visits. Bidders are expected to submit their final offers by the first quarter of 2023.
KSPC, a joint venture between KEPCP and SPC Power, currently operates a 2,100 megawatt (MW) coal-fired power plant in Naga City, Cebu which has been supplying power to the Visayas region since 2011.
Meanwhile, SPC operates the 146.5 MW Panay Diesel power plant in Dingle, Iloilo, a 22 MW diesel power plant in Tagbilaran City, Bohol, a 2×100 MW thermal power plant in Cebu, and the 32 MW power barge 104.
KEPCO still has an existing investment in Solar Philippines Calatagan Corp.
Last year, the Department of Energy allowed foreign entities to own 100% of renewable energy projects following the amendments made in the implementing rules and regulations of the Renewable Energy Act of 2008.