Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Tepco Invests in Philippines Coal Plant Amid Recovery Effort

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.

To contact the reporter on this story: Jacob Adelman in Tokyo at jadelman1@bloomberg.net

To contact the editors responsible for this story: Jason Rogers at jrogers73@bloomberg.net Iain Wilson, Madelene Pearson

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.