Back To Top

KEPCO JV acquires plant in Philippines

Korea Electric Power Corp. said Thursday that it had acquired the Philippines’ Naga Power Plant Complex in Cebu through joint venture KEPCO-SPC for $26 million.

KEPCO SPC, 40 percent of which is owned by KEPCO and the rest by Cebu-based Salcon Power, purchased the complex from the Philippine’s state-run National Power Corp.

The Korean power company won the bid over Aboitiz Group for the complex, consisting of two thermal power plants and a diesel-fired power plant using a combination of coal, bunker oil and diesel.

KEPCO plans to refurbish the Naga plant and generate synergy with its coal-fired plant located just across the street.

“The plant is a bit old. We will renovate it into a more environmentally-friendly 300 megawatt circulating fluidized bed combustion facility,” said Chung Young-kwon, a KEPCO spokesman.

The Korean company, the Philippines’ fourth-largest power producer, seeks to boost overseas sales to account for 20 percent of the total by 2020 with the Naga deal, up from the current 6 percent.