Puting Bato power station
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Puting Bato power station is an operating power station of at least 270-megawatts (MW) in Puting Bato West, Calaca, Batangas, Calabarzon, Philippines. It is also known as Calaca Sltec power station.
Location
Table 1: Project-level location details
| Plant name | Location | Coordinates (WGS 84) |
|---|---|---|
| Puting Bato power station | Puting Bato West, Calaca, Batangas, Calabarzon, Philippines | 13.91933, 120.826054 (exact) |
The map below shows the exact location of the power station.
Unit-level coordinates (WGS 84):
- Unit 1, Unit 2: 13.91933, 120.826054
Project Details
Table 2: Unit-level details
| Unit name | Status | Fuel(s) | Capacity (MW) | Technology | Start year | Retired year |
|---|---|---|---|---|---|---|
| Unit 1 | operating | coal: unknown | 135 | subcritical | 2015 | 2040 (planned)[1] |
| Unit 2 | operating | coal: unknown | 135 | subcritical | 2016 | 2040 (planned)[1] |
Table 3: Unit-level ownership and operator details
| Unit name | Owner | Parent |
|---|---|---|
| Unit 1 | South Luzon Thermal Energy Corp [100%] | Insular Life Assurance Co Ltd [100.0%] |
| Unit 2 | South Luzon Thermal Energy Corp [100%] | Insular Life Assurance Co Ltd [100.0%] |
Background
The Puting Bato power station is a 270-megawatt (MW) coal-fired power station in Calaca, Batangas, by South Luzon Thermal Energy Corp. (SLTEC). The estimated total cost of the project is P10 billion. SLTEC is a joint venture sponsored by Ayala Corporation's AC Energy Holdings and Phinma Corporation's Trans-Asia Oil and Energy Development.[2][3] In December 2016 Japanese business conglomerate Marubeni purchased a 20% stake in the project through its subsidiary Axia Power Holdings Philippines Corp., acquiring 15% from Ayala Corporation and 5% from Phinma Group.[4]
According to the Philippines Department of Energy (DOE), construction on Unit 1 (135 MW) began in December 2011 and construction of Unit 2 (135 MW) began in August 2013.[5]
According to a press report, the estimated total cost of the project is P10 billion.[2] The construction contract was awarded to DM Consunji, a subsidiary of Consunji Group, which will also be providing coal for the plant.[6] Unit 1 was successfully tested in The October 2014.[7]
Unit 1 was completed in April 2015[8] and inaugurated in June 2015.[9] In January 2015 the project's developers stated that Unit 2 would be brought online by the end of the year.[10] Unit 2 commenced operation in February of 2016.[11]
In November 2022, Ayala sold its share of the project to ETM Philippines Holdings, using the Asian Development Bank's energy transition mechanism (ETM), a tool meant to spur early retirement of coal plants.[12]
Planned retirement and just transition
Reporting in May and September 2023 indicated that the power plant's owner had refinanced a loan to its subsidiary, South Luzon Thermal Energy Corp, in order to close the coal plant by 2040.[13][14] The plant's parent company, Ayala Corp Energy, announced that the early closure of the plant would allow for the remaining funds to be invested in renewable energy projects.[13]
In August 2024, Eco-Business reported on the use of transition credits and a potential just transition process at the Puting Bato power station, but noted a lack of publicly available details in the transition plan, leaving locals unsure of their involvement and role in the transition.[15]
Financing
In October 2011, a financing agreement for unit 1 was closed.[5]
In July 2013, a financing agreement for unit 2 was closed. A P7-billion loan was provided by Banco de Oro UniBank Inc., Security Bank Corp. and Rizal Commercial Banking Corp. AC Energy Holdings Inc. and Trans-Asia Oil and Energy Development Corporation each provided P1.5-billion in equity.[16]
In 2017, the Philippine Movement for Climate Justice lodged a formal complaint against the International Finance Corporation (IFC) for its involvement in Philippine coal-fired power stations. The complaint alleged that the IFC had funded these projects through its financial support to Rizal Commercial Banking Corporation (RCBC). The Puting Bato power station was one of 11 power stations for which the IFC's involvement was found to be sufficient to trigger the IFC's internal accountability process.[17]
In November 2022, IJ Global reported financial close of a refinancing transaction for units 1 and 2, with Bank of the Philippine Islands and Rizal Commercial Banking Corporation each providing PHP 6850 m (USD 117.1m).[18]
Articles and Resources
References
- ↑ 1.0 1.1 https://web.archive.org/web/20240125141945/https://balikas.net/banks-keep-funding-and-profiting-from-fossil-fuel/. Archived from the original on 25 January 2024.
{{cite web}}: Missing or empty|title=(help) - ↑ 2.0 2.1 Iris C. Gonzales, "Ayala, Trans-Asia expanding thermal plant in Batangas," The Philippine Star, April 16, 2013.
- ↑ Miraflor, Madelaine. Calaca coal-fed power plant Unit 2 expected to come online in 3Q of 2015. Manila Bulletin, 11 Sept. 2014.
- ↑ Marubeni buys stake in Ayala-led power plant in Batangas, Steelguru, Dec. 21, 2016
- ↑ 5.0 5.1 Energy Situationer 2013: Private Sector Initiated Projects, Philippines Department of Energy, 12 August 2013
- ↑ Trans-Asia, Ayala Power venture to start operations, Trans-Asia press release, Jan. 2014.
- ↑ South Luzon Thermal Energy’s Calaca Plant Successfully Synchs to the Grid, Fabian Philippines, 13 Oct. 2014.
- ↑ Alena Mae Flores, Batangas coal plant opens, Manila Standard, 5 Apr. 2015.
- ↑ Iris C. Gonzales, "SLTEC inaugurates P23-B power plant in Luzon," The Philippine Star, June 8, 2015
- ↑ Gonzales, Iris. Ayala unit targets 1,000-MW power capacity by 2016. Philippine Star, 9 Jan. 2015.
- ↑ List of Existing Power Plants, Philippine Department of Energy, Dec. 31, 2020
- ↑ Yuichi Shiga,Philippines shift away from coal expands with Ayala deal, Nikkei Asia, Nov. 10, 2022
- ↑ 13.0 13.1 Banks keep funding and profiting from fossil fuel, Balikas News Network, May 12, 2023
- ↑ Indonesia gives up on the energy transition, The Manila Times, September 19, 2023
- ↑ Killing them softly: Southeast Asia’s cautious quest to phase out its coal fleet using transition credits, Eco-Business, August 14, 2024
- ↑ "Ayala, Trans-Asia get P7-b coal loan - Manila Standard". manilastandard.net. Retrieved 2020-12-11.
- ↑ CAO ASSESSMENT REPORT Regarding Concerns in Relation to IFC’s Investment in Rizal Commercial Banking Corporation (RCBC) – 01 (#30235, #32853, #34115, #37489) in the Philippines, IFC Compliance Advisor Ombudsman, April 2019
- ↑ "South Luzon (Units 1 and 2) Coal-Fired Power Plant (135MW) Refinancing". https://www.ijglobal.com/. November 2022.
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Additional data
To access additional data, including an interactive map of coal-fired power stations, a downloadable dataset, and summary data, please visit the Global Coal Plant Tracker on the Global Energy Monitor website.
