Fort Pilar Energy plans to invest in Visayas

CEBU, Philippines —  Fort Pilar Energy Inc., the parent company of Belgrove Power Corp. ,which won the bid for the 650-megawatt Malaya Thermal Power Plant, is looking at Visayas as its next site for investments.

“We are on aggressive look out on [good] assets in the Visayas. In Cebu however, nothing is specific yet,” said Belgrove chief executive Joseph Omar Castillo during the formal turn over of Malaya Thermal Power Plant to Romero’s Belgrove Power Corporation, by state-run Power Sector Assets and Liabilities Management Corp or PSALM, held virtually, Monday September 13, 2021.

PSALM turned over the operating documents of the Malaya plant to Belgrove after receiving the full payment of P4.185 billion.

The company disclosed its plan to expand its power generation portfolio of 2,000 to 3,000 MW in the next five years.

In a press conference, Belgrove chairperson Sheila Romero said the company targets to acquire more power plants to boost its current portfolio.

“We are looking at 2,000 to 3,000 MW in the next five years. In terms of energy source, first renewable energy and baseload capacity is also being considered,” Castillo underscored expressing confidence of the company’s stance to become a major player in the industry capturing a good share in the market.

Fort Pilar recently acquired the 28.59-MW solar power plant in Digos, Davao del Norte and is in the process of constructing a battery energy storage system in Zamboanga City, which is scheduled for commissioning in February next year.

Fort Pilar submitted the highest offer of P3.123 billion for the Malaya plant in May, surpassing the minimum offer price of P1.845 billion. It later assigned its rights to subsidiary Belgrove. Aside from the bid, Belgrove paid PSALM an additional P1.062 billion for the remaining fuel stock of MTPP.