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Tuesday, September 27, 2022

PowerSource Group bolsters Iligan’s growth

ILIGAN CITY – Iligan’s biggest investment project in years is now operating its thermal hybrid power plant in Barangay Kiwalan assuring the Industrial City of the South’s continuous electricity supply.
In a press conference called during the recently concluded 28th Mindanao Business Conference held at the MSU-IIT gym in Iligan City, officers of the Power Source Philippines Energy Inc. (PPEI), a subsidiary of the PowerSource Group, announced it completed the construction of its P3 billion (B) hybrid power plant, in July of last year. 
PSPI has set up PowerSource Philippines Energy Inc. (PPEI) as a special purpose vehicle for the project. Its Board of Investments (BOI) filing listed an initial investment of P2.3 billion in 2015 and construction of the power plant commenced in February 2016.
“Through a joint effort with the local government unit, other energy companies, and the local community, we want to help protect and bolster Iligan’s energy future so that homes have light, businesses can function, and important healthcare services continue to operate worry-free,” said  Ricardo G. Lazatin, President of PowerSource Group, PPEI’s mother company.
“This plant is unique in the sense that it is an embedded plant within Iligan,” said PPEI Executive Director Michael Dennis D. Rayala. “So basically, if anything happens say a massive blackout in Mindanao, PPEI and other embedded plants in Iligan can power the city independently. So there is assurance and security of power in such situations.”
The Energy Regulatory Commission (ERC) granted PSPI a certificate of compliance (COC) last February 6, 2019 to operate its 25-megawatt (MW) circulating fluidized bed (CFB) thermal hybrid plant and two units of 3.20 MW blackstart diesel engine generator sets located in Brgy. Kiwalan, Iligan City, Lanao del Norte. The plant utilizes a mix of 70% coal and 30% biomass.
Rayala said PPEI signed a 25-year power supply agreement (PSA) with the local distribution utility Iligan Light & Power, Inc. (ILPI) for 12MW baseload power and 8MW baseload power with Republic Cement Iligan Inc. 
Investments & Promotions Code
Lazatin credits Iligan city for crafting an attractive local investment code which was a major factor in its decision to invest in the area.
“PowerSource is highly appreciative of Iligan’s Investment and Promotions Code, which makes the city an ideal location for new business ventures,” Lazatin said.
Corporate Citizenship
Lazatin added the PowerSource Group is going beyond merely providing energy to the city and is also focusing on how the company can make a meaningful impact on the community.
Foremost, PPEI made the decision to transfer its headquarters from Makati to its newfound home in Iligan on March 20, 2019 to show its long term commitment to the development of the city.
“PPEI) our subsidiary that operates the embedded thermal hybrid plant in Iligan has moved its head office from Makati to Iligan because we’d like to really support the community and generate additional revenues and taxes for the city. Most importantly, this move is an insurance and a security for power supply in Iligan,” Lazatin stressed.
Lazatin added that PPEI has complied with an extensive list of regulatory requirements in the development and construction of the plant, so by promoting good corporate governance, PPEI can help the city attract more investors to Iligan.
PowerSource Group is currently drawing up plans to work with schools starting with the Mindanao State University-Iligan Institute of Technology (MSU-IIT) to create a cadetship program for young engineers and students that will aid their skills development. This will eventually help turn Iligan into the Philippine center of excellence for energy engineering, or what Lazatin calls Energyneering.
Aside from creating jobs at the plant, PPEI has donated a fire truck and ambulance worth P4-million to the Iligan LGU last June 24 which was assigned to its host barangay in Kiwalan.
“Right now, we want to focus on finding potential partnerships and building good relationships with Mindanaoan communities,” said Lazatin. “Aside from generating revenue for the local government, we’re hoping our presence encourages others to consider Iligan as a viable investment opportunity.”
Additional opportunities that PowerSource Group is currently exploring include, among others, initiatives that will support the environment and restore natural resources through agro-forestry and water distribution.
“PowerSource Group considers itself as a long-term partner in the economic growth of Iligan and the rest of Mindanao. We are here for the long haul in helping promote the brighter future of Mindanao,” Lazatin concluded.

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