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Mitsubishi Corporation Constructs Coal Fired Power Plant in Mindanao, Philippines

Tokyo, Jan 31, 2014 - (JCN Newswire) - Mitsubishi Corporation (MC), together with Toshiba Plant Systems & Services Corporation (TPSC), has concluded a contract with MINERGY Coal Corporation (MCC)(1) to build a thermal power plant in the Philippines. The plant, located in Balingasag in Northern Mindanao, will be composed of two units of 55MW each. The project is being undertaken on a Full Turn-Key (FTK)(2) basis with completion expected by the end of March 2017. In addition to these two units, another unit may be ordered within this fiscal year as an option. The total contract price including the option would be around USD 300 Million.

Electricity demand in the Philippines, especially in Mindanao, is expected to see remarkable increase due to rising population and stable economic growth. New infrastructure, including the development of new power plants, is urgently needed in order to fulfill the growing demand for electricity. This project, therefore, is expected to serve as a model for infrastructural development in Mindanao.

Under "New Strategic Direction", the company has recently released corporate strategy MC is seeking to accelerate global business development by leveraging the shift towards Asian markets, which are gaining greater international presence both as resource and as consumer markets. MC therefore intends to continue pursuing power generation related business opportunities in Asia in the future.

Notes:

(1) MCC is a wholly owned subsidiary of Mindanao Energy Systems, Inc., a power generation company established by Cagayan Electric Power & Light Company, Inc., whose franchise area covers electricity distribution in the City of Cagayan de Oro and the municipalities of Tagoloan, Villanueva and Jasaan, all located in the Province of Misamis Oriental in the Northern Mindanao region of the Philippines.
(2) Under the Full Turn-Key contract, MC, together with TPSC, will execute the project in its entirety, including engineering, civil work, procurement, erection and testing.

Reference Information

1. Cagayan Electric Power & Light Company, Inc.
(1) Head Office: 33 Don Toribio Chaves Street, Cagayan de Oro City 9000, Philippines
(2) Year Established: 1952
(3) Main Activities: Electricity Distribution
(4) Representative: Consuelo G. Tion, President

2. MINERGY Coal Corporation
(1) Head Office: Brgy. Mandangoa, Balingasag, Misamis Oriental, Philippines
(2) Year Established: 1992
(3) Main Activities: Operation and Maintenance of Power Plants
(4) Representative: Edgardo A. Bautista, President

3. Mitsubishi Corporation
(1) Head Office: 3-1, Marunouchi 2-Chome, Chiyoda-ku, Tokyo, 100-8086, Japan
(2) Year Established: 1950
(3) Capital: JPY 204 billion
(4) Main business activities: Mitsubishi Corporation (MC) is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. MC's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods.
(5) Sales: JPY 20,126 billion (Consolidated basis, FY2013)
(6) No. of Employees: 65,975 (Consolidated basis, as of March 31, 2013)
(7) Representative: Ken Kobayashi, President and Chief Executive Officer

4. Toshiba Plant Systems & Services Corporation
(1) Head Office: 36-5 Tsurumichuo 4-Chome, Tsurumi-ku, Yokohama, 230-8691, Japan
(2) Year Established: 1938
(3) Capital: JPY 11.8 billion
(4) Main business activities: Toshiba Plant Systems & Services is a comprehensive engineering constructor that globally carries out integrated operations ranging from planning and engineering to procurement, construction and field services. Toshiba Plant Systems & Services provides a broad range of products and services. These include infrastructure and environmental facilities for commercial and private power generation facilities; renewable power generation and substation facilities for hydraulic, solar, geothermal and other forms of energy; various types of industrial plants and installations; water supply and sewage facilities; communications facilities; airports; roads; and railways.
(5) Sales: JPY 172.8 billion (Consolidated basis, FY2013)
(6) No. of Employees: 4,024 (Consolidated basis, as of March 31, 2013)
(7) Representative: Kenji Sato, President and Chief Executive Officer


About Mitsubishi Corporation

Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. MC's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. With over 200 bases of operations in approximately 80 countries worldwide and a network of over 500 group companies, MC employs a multinational workforce of nearly 60,000 people. For more information, please visit www.mitsubishicorp.com.



Source: Mitsubishi Corporation

Contact:
Mitsubishi Corporation
Telephone:+81 3 3210 2171 
Facsimile:+81 3 5252 7705


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