May 30 (Bloomberg) -- Tokyo Electric Power Co. joined a group of companies building a coal-fired power plant in the Philippines as it seeks to recover financially from the March 2011 disaster at its Fukushima atomic station.
Tepco, as the company is known, is partnering with Marubeni Corp. and Philippines-based Aboitiz Power Corp. to build the 388-megawatt unit at the Pagbilao plant, which is expected to cost about $1 billion, according to a statement today on the Japanese companies’ websites.
Tepco is seeking to rebuild its business after the nuclear disaster three years ago left it with billions of dollars in compensation and cleanup costs. Overseas projects were identified as an investment target in an action plan released by the company in March.
“Philippine economic growth is very stable and their power demand is increasing, so we expect to earn some income and to profit from that,” Tepco spokesman Tatsuhiro Yamagishi said.
Aboitiz and a Tepco-Marubeni joint venture will each own a 50 percent stake in the coal unit, which is expected to be completed around November 2017, according to the statement. Mitsubishi Hitachi Power Systems Ltd. and Daelim Industrial Co. have been contracted to build the unit, which will bring the Pagbilao plant’s total capacity to 1,123 megawatts.
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