Under the contract, signed after two months of negotiations, Hyundai and Galing Power will construct the 300MW baseload power plant located in Sitio Looc, Brgy. Bato, Toledo City, Cebu, Philippines.
Expected to go online by the third quarter of 2017, the plant would create over 1,500 new jobs during construction phase and about 150 new permanent jobs during its operation.
With the signing of the contract, a limited Notice to Proceed will be issued by TVI for the design engineering and detailed physical data collection in preparation for the power plant construction.
AboitizPower Chief Executive Officer Erramon Aboitiz said that the project ensures adequate and competitively priced baseload power supply for Cebuanos in the island by 2017.
"We look forward to working closely on this project with our EPC contractor and the local community to ensure we deliver a quality power plant on time," Aboitiz added.
"This is a very important project for the Visayas grid."
From 2016 to 2018, the TVI project aims to address the looming power shortfall in the Visayas.
The generating equipment of the plant will comprise two 170MW steam turbines as well as two circulating fluidized bed (CFB) boilers.
