SK Engineering & Construction announced on June 15th that it signed a LOI (Letter of Intent) for the construction of eco-friendly coal-fired power plant with a budget of about 2 billion dollars with the Philippine government.
On June 5th, SK E&C offered the Philippine government anIndependent Power Producer (IPP) business plan to build and operate two 600MW super large thermal power plants in Quezon province, north of Luzon, at the Philippine Presidential Business Forum.
The power plant uses the latest technology of the Ultra Super Critical method, which dramatically reduces the use of coal by raising the final power generation efficiency by about 15 percent compared to existing power plants.
Furthermore, it also plans to build an eco-friendly power plant that minimizes greenhouse gas emissions by reducing sulfur, nitrogen oxides and dust emissions by less than half compared to environmental impact assessment standards.
As the first foreign company to apply the ultra-supercritical technology in the Philippines, it will be recognized as a separate Pioneer Status by the Philippines Investment Service and also receive income tax exemption up to six years.
This project will contribute to the power shortage of the Philippines by providing stable power supply, and it is expected that more than 3,000 new jobs will be created within the power plant construction period, said SK E&C.
In addition, the project is a large-scale transfer project that is under direct consideration by local institutions, including the Korea Development Bank and KDG Infrastructure Fund.
In the future, if the infrastructure expansion policy that is the core of the ‘DetuerteNomics’ in the Philippines is continuously promoted, it is expected that the new private sector business opportunities will be opened not only in the plant but also in the infrastructure sector.
“In the Philippines, we will build an eco-friendly coal-fired power plant that utilizes domestic fund to eliminate power shortages and contribute to job creations.
SK E&C will continue to create various business opportunities by leveraging its development business capability, which is the strength of SK E&C,” said Ahn Jae-hyun, CEO of SK E&C.