FDC Misamis Power Corp., a subsidiary of developer Filinvest, is currently developing a three-unit coal-fired power plant with a total planned capacity of 405 MW in Misamis Oriental Province. The 405-MW power plant will consist of three units with a capacity of 135 MW each. It is expected to be operational in 2016. FDC Misamis said the electricity generated by the first two units of the power plant will be bought by 17 electric cooperatives that serve Misamis Oriental, and other parts of Mindanao. The project is slated to cost P30 billion, or about $700 million.
Environmental permits for the project were granted in May 2013. In October 2013, Filinvest awarded that engineering, procurement, & construction (EPC) contract to First Northeast Electric Power Engineering Corp., a subsidiary of China Energy Engineering Group. Ground was broken on the construction project in November 2013. The company secured financing for the project from four banks in April 2014.
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