Kyushu Electric to invest in power plant in Luzon

FUKUOKA, Nov. 10 (Jiji Press)à‚–Kyushu Electric Power Co. said Friday it will take part in a project to construct a gas power generating plant on Luzon Island in the Philippines.

Kyushu Electric will participate in the 700-million-dollar project jointly with Japanese trading house Mitsubishi Corp., South Korea’s Korean Electric Power Corp. and Southern Energy of the United States.

The four firms signed a joint investment deal in Manila the same day.

Under the project, the four firms will provide capital to construct a power plant in Batangas, some 100 kilometers south of Manila.

The plant, which will use natural gas supplied from a gas field off Palawan Island, is already under construction. It is due to start operations in January 2002.

Of the total investment, 75 pct will be provided in syndicated loans by banks including the governmental Japan Bank for International Cooperation.

Of the rest, Korea Electric will provide 51 pct, Mitsubishi 21 pct and Southern Energy 20 pct. Kyushu Electric will put up the remaining 8 pct.

à‚© 2000 Jiji Press English News Service via Bell&Howell Information and Learning Company; All Rights Reserved.

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