The Philippines first-ever integrated liquefied natural gas (LNG) facility is set to transform the energy landscape of the country, said the Chairman of one of the Philippines’ biggest energy companies.
Calling the development a ‘pathbreaking venture’, Manuel V. Pangilnan, Chairman of Meraclo PowerGen Corporation (MGen), added that it symbolises a milestone alliance towards sustainability among major players in the energy industry.
Launched by MGen, Aboitiz Power Corporation (AP) and San Miguel Global Power Holdings Corp (SMGP), the project aims to boost energy security while steering the country towards a low-carbon future.
As part of a deal which values the entire enterprise at $3.3bn, MGen and AP will jointly invest in two of SMGP’s gas-fired power plants – the 1.3GW (gigawatt) Ilijan power plant and a new 1.3GW combined cycle power facility which is expected to start operations by the end of the year.
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