Corporate News

EEI contracts in hand at record P35 billion

Posted on June 27, 2014

EEI Corp. said projects in its development pipeline are at a record P35 billion after the company won a mandate for a 405-megawatt (MW) power complex in Mindanao.

In a disclosure on Thursday, the listed construction firm said contracts in hand are “the highest in the history of the company.”

EEI noted that it recently signed a P9.9-billion contract with NEPC Power Construction Corp. to build parts of a power complex housing three 135-MW coal-fired plants at the PHIVIDEC Industrial Estate in Misamis Oriental.

EEI said two-thirds of the contracts it now holds are for domestic construction projects, while the remainder are overseas.

It is currently involved in projects in the Philippines and Saudi Arabia, which include high-rise residential and commercial buildings, infrastructure, industrial plants, wind farms and other power generating facilities.

The Misamis Oriental deal represents the first power project of the Gotianun family via FDC Misamis Corp. -- a wholly owned unit of FDC Utilities.

FDC Utilities, in turn, serves as the utilities arm of Filinvest Development Corp. (FDC), the listed holding firm of the Gotianun businesses.

In November, FDC Misamis held a groundbreaking ceremony for the project, which will be built in the municipality of Villanueva. The plants will use circulating fluidized bed technology.

The power complex -- which was estimated to cost about P20 billion to P30 billion -- is expected to be operational in 2016.

EEI will work with NEPC for the power plant, with the latter taking the lead. EEI, for its part, will undertake the civil, electrical and mechanical works for the project.

Equipment suppliers for the project were earlier identified as Alstom and Shanghai Electric Group Co. Ltd.

On Thursday, shares of FDC gained 10 centavos or 2.16% to close at P4.72, while those of EEI shed 18 centavos or 1.62% to P10.90. -- Claire-Ann Marie C. Feliciano