Trans-Asia wins 320MW worth of hydro contracts
TRANS-ASIA OIL and Energy Development Corp. has secured three new service contracts involving hydropower projects in Luzon with a combined capacity of 320 megawatts (MW), the company said in a disclosure on Thursday.
“The Department of Energy (DoE) notified us of the award of three hydropower service contracts to Trans-Asia covering certain areas in Pililla, Riizal (300 MW); Ilagan, Isabela (10 MW) and Buguias, Benguet (10 MW),” the company said.
The contracts, Trans-Asia noted, provide for a two-year pre-development stage during which the company intends to evaluate the commercial feasibility of the projects.
“Upon declaration of commerciality, each of the projects shall proceed to the development stage which is valid for 25 years,” the company said.
Trans-Asia engages in power generation through its subsidiaries.
Through 50%-owned South Luzon Thermal Energy Corp., the company is also building two 135-MW coal-fired power plants in Calaca, Batangas.
The first unit is scheduled to be operational late this year, while the second unit is targeted to go onstream in 2016.
Trans-Asia also owns and operates a 21-MW diesel plant in La Union through its wholly owned subsidiary CIP II Power Corp.
The company holds a 25% stake in Maibarara Geothermal, Inc. which owns and operates 20-MW geothermal power plant in Sto. Tomas, Batangas.