Fort Pilar Energy Inc., a company owned by the family of Rep. Mikee Romero, is eyeing to build 3,000 megawatts (MW) in capacity in the next five years as part of its aggressive expansion.
During the handover ceremony of the Malaya Thermal Power Plant (TPP) yesterday, Fort Pilar chairwoman Sheila Romero said the company’s goal is to increase its power portfolio through acquisitions and greenfield developments.
“It is our goal to acquire more power plants to increase our portfolio,” she said, noting the plan to enter the power industry started with the acquisition of the Malaya TPP from the government.
Fort Pilar CEO Jomar Castillo said the company would be aggressive in the power industry.
“We are on the lookout for investments in Visayas, Mindanao and also Luzon. We want to be a major player in the industry so that we can capture a good market share. We’re looking at 2,000 to 3,000 MW in the next five years,” Castillo said.
For the 650-MW Malaya TPP, Romero said the group plans “to keep that position of Malaya as the premier back-up power for the country’s main grid.”
Fort Pilar’s subsidiary Belgrove Power Corp. Will immediately repair the 350-MW unit 2 of the power plant and bring in two new modular aero-derivative gas engines for an additional capacity of 60 MW by end of the year, Castillo said.
Belgrove has allotted P500 million in capital expenditures for the repair and rehabilitation of unit 2.
For the 300-MW unit 1, Belgrove is conducting further studies on whether to repair it or replace it.
The company plans to change the engine of unit 1 from diesel to a multi fuel engine so it can run on liquefied natural gas (LNG), especially when LNG terminals are put up in the country.
Last month, Fort Pilar acquired a 28.59-MW solar plant in Digos, Davao del Sur for P1.5 billion. It plans to invest P500 million more to expand its capacity to 40 MW.
Fort Pilar is also building a battery energy storage system in Zamboanga City, which is set to be commissioned in February next year.
Established in 2019, Fort Pilar – formerly Hill Trench Power Inc. – is run by highly experienced technical professionals and personnel with a strong backbone in the energy industry.
It aims to facilitate rural development and boost industrialization by modernizing the Philippine electrical system, particularly the stability and quality of power in the rural areas.