Skip to main content

Korea Electric divesting interests in pair of Philippine coal projects

January 18, 2023

Manila Standard:

Korea Electric Power Corp., a South Korean state-owned energy generation group, said Wednesday it is in the second round of the sale process for its interest in a coal-fired power plant in Cebu and stake in local firm SPC Power Corp.

KEPCO Philippines Holdings Inc. owns a 60-percent stake in KEPCO SPC Power Corp., the project company that owns and operates a 200-megawatt circulating fluidized bed coal-fired power plant in Naga, Cebu. KPHI also has a 37.96-interest in SPC Power Corp., based on the latter’s latest regulatory filings.

KEPCO said the move aimed to strengthen its commitment to carbon neutrality and its plan for a complete coal phase-out by 2050.

The Cebu coal plant has been supplying stable and efficient power to the Visayas region since its operation in 2011.

KPHI said it would continue to operate in the Philippines as the company has an existing investment in Solar Phils. Calatagan Corp. and is looking to invest more in renewable energy.

[Alena Mae Flores]

More: KEPCO divesting interests in SPC and Cebu coal project

Join our newsletter

Keep up to date with all the latest from IEEFA