Global Business Power, Vivant partner for La Union power plant
Vivant Integrated Generation Corp. signed a pre-development agreement with Global Business Power Corp. (GBPC) for a 670 megawatt coal-fired power plant in Luna, La Union.
A special purpose vehicle ,Global Luzon Energy Development Corp., has been formed to undertake the financing, design, construction, and operation of a two-unit 335 megawatt coal-fired power facility in the province of La Union.
Vivant and GBPC have earmarked P450 million for the pre-development activities.
Owned by the Cebu-based Garcia-Escano clan, Vivant continues to explore opportunities to expand its power generation and electricity distribution businesses.
GBPC, on the other hand, is the leading power supplier in the Visayas. Controlled by Metro Pacific Investments Corp., GBPC’s goal is to double its current capacity of 854 MW to 1,500 to 2,000 MW in five years.
JG Summit Holdings holds a 30 percent stake in GBPC.