Businessman and lawmaker Mikee Romero has made a strategic push into the energy space with the acquisition of power plants as his family-owned Fort Pilar Energy Inc.(FPEI) is seeking to establish itself as a major player in the growing sector.
FPEI aims to to build a power generation portfolio of as much as 3,000 megawatts (mostly renewable energy) in the next five years through acquisitions.
The company, through subsidiary Belgrove Power Corp., acquired the 650 megawatt Malaya thermal power plant (MTPP) in Pililla, Rizal from the Power Sector Assets and Liabilities Management Corp. for P4.2 billion. This acquisition marks the group’s first investment in Luzon.
It also recently took over Alterpower Digos Solar Inc., (ADSI), which owns a 28.59 megawatt solar power plant in Digos, Davao del Sur, in a deal valued at P1.5 billion. The facility can
Belgrove chairperson Sheila Romero said they are on the lookout for more power plants in line with their goal to capture a significant share of the market. These include a couple of assets in Visayas and the operation and maintenance service contract for the Casecnan multi-purpose project.
Romero said the group has allotted P500 million for the refurbishment of the MTPP as it aims to turn the plant into “the premier back-up power for the country’s main grid.”
Plans for the Digos plant include scaling up its capacity to 40 megawatts. It is considered a prime location for solar irradiation.
Apart from this, FPEI is in the process of constructing a battery energy storage system in Zamboanga, targeted for commissioning in February next year.