First Gen Corporation (First Gen), through its wholly-owned subsidiary, First NatGas Power Corp, is undertaking the San Gabriel combined-cycle natural gas-fired power plant in the Philippines.The project involves the construction of a natural gas-fired power plant with a capacity of 1,411MW. The project is being developed in three phases. It includes the construction of substations, and powerhouses, the installation of generators, transformers and turbines, and the laying of transmission lines.The first phase includes the construction of a 97MW power plant with a total expenditure of US$150 million. This phase is known as the 'Avion' power plant.The second phase: includes the construction of a 414MW power plant with a cost of US$600 million. This phase is known as the 'San Gabriel plant'.Third Phase: includes the construction of a 900MW power plant comprising two units of 450MW each namely the 'Santa Maria' and the 'Saint Joseph'.The project secured environmental approval in 2005.In October 2012, First Gen signed a 10-year loan agreement with Bank of the Philippine Islands, BDO Unibank Inc., Philippine National Bank, Rizal Commercial Banking Corp., Security Bank Corp., the Hong Kong and Shanghai Banking Corp., and Union Bank of the Philippines for the funding of the project.On December 16, 2013, Siemens Group was awarded a turnkey contract of worth US$543 million for the second phase of the project. The project will utilize Siemens’s SGT6-8000H gas turbine technology. Under the terms, Siemens, AG will supply the equipment, provide engineering, design, procurement and construction services, and also undertake the operation and maintenance of the unit for 9.5 years.On January 14, 2014, a groundbreaking ceremony was held on the second phase.In July 2014, First Gen secured US$265 million loans from KfW IPEX-Bank for the second phase.In August 2014, the Slovakian firm, Istroenergo Group AS (IEG) was appointed as engineering, procurement, and construction (EPC) contractor for the first phase.In April 2016, construction activities on the first and second phase were completed.In March 2018, First Gen entered into a contract with the Manila Electric Co. (Meralco) to supply 414MW of power capacity.Planning works are underway for the third phase.
The project involves the construction of a natural gas-fired power plant with a capacity of 1,411MW at San Gabriel in Batangas, the Philippines. The US$1,800 million project includes the following:1. Construction of a 97MW power plant under the first phase2. Construction of a 414MW power plant under the second phase3. Construction of a 2x450MW power plant under the third phase.
Reasons to Buy
AS; First Gen Corp; Philippines Department of Energy; Siemens AG
Table of Contents
11.General News, Project News
List of Tables
List of Figures
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