TeaM Energy Corp. turned over the 1,200-megawatt Sual Coal Fired Thermal Power Plant (CFTPP) to the government last week through state-run Power Sector Assets and Liabilities Management Corp. (PSALM).
The company said it completed the plant turnover on Oct. 25, 2024, with the expiration of the cooperation period of the Sual independent power producer contract dated May 20, 1994.
It said the plant was built under a build-operate-transfer (BOT) scheme with the national government, then represented by the National Power Corp. (NPC).
San Miguel Power Inc. (SPI), a subsidiary of San Miguel Global Power (SMGP), received the facility from PSALM on the same day of TeaM Energy’s transfer of the Sual CFTPP to NPC and PSALM.
“We completed last Oct. 25 the turn-over of the Sual Power Station to NPC and PSALM,” said Team Energy officer-in-charge Mitsuhiro Kojima in a statement.
“For the past year, there has been close coordination with NPC, PSALM and Sual Power Inc. (SPI) to ensure a seamless transition process. The plant has been turned over in excellent condition, ready to continue generating electricity for the Luzon grid,” he said.
SPI is the independent power producer administrator (IPPA) of the TeaM Energy-operated Sual facility, pursuant to the IPPA administration agreement between SPI and PSALM.
SPI’s IPPA administration agreement with PSALM ended on the day of the transfer of the plant to PSALM from TeaM Energy, giving it the right to take ownership of the plant.
“For more than 25 years, the Sual Power Station has contributed to the development of the Philippines by generating reliable, cost-effective energy that has energized homes, factories, offices, schools and hospitals,” Kojima said.
“The TeaM Energy organization is especially proud to have done its share in helping the Philippines recover from the COVID-19 pandemic despite the challenges and obstacles we faced in running the plant during those days,” he said.
TeaM Energy is led by two of Japan’s largest and most formidable conglomerates—Tokyo Electric Power Company and Marubeni Corp.
The coal plant, located in the municipality of Sual in Pangasinan, consists of two 600-MW net generating units and is one of the largest power plants in the country. Its presence has helped transform Sual from a fifth-class municipality in 1994, into a thriving, progressive first-class municipality.
“We are thankful to our stakeholders including the national government through the Department of Energy, NPC, PSALM and other agencies, our host communities including the Pangasinan provincial government, the Sual municipal government and Barangay Pangascasan for enabling the Sual plant’s success. Our deep appreciation as well to our IPPA, Sual Power Inc. of the San Miguel group. We will be leaving the plant in the hands of a capable, highly-respected organization. It has been a great pleasure working with them,” said Kojima.
TeaM Energy will continue to operate the 735-MW Pagbilao coal-fired power station in Quezon province. It also maintains a 50-percent stake in the 420-MW Pagbilao Unit 3 power project.
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