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Japan's ORIX joins hand with Philippine conglomerates for power generation

Friday - Jun 28, 2013, 06:13pm (GMT+5.5)
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Tokyo - A Japan-based financial services group ORIX corporation has formed a strategic alliance with Philippine conglomerates GT Capital Holdings and First Metro Investment Bank Corporation (FMIC), the investment wing of the Philippine commercial bank Metropolitan Band and Trust Company (Metro Bank), to jointly promote power and energy related business in Philippine.

Orix has made capital participation in the Global Business Power Corporation, a power generation subsidiary of GT Capital, by acquiring 20 per cent of issued shares owned by FMIC. The GT Capital still holds 50.89 per cent of shares of GBFC while FMIC is left with 29.11 per cent stake in the power generation company. 

The business interests of the FMIC, GT Capital and ORIX Corporation will include electricity power trading, generating renewable energy and energy saving services.

GBFC is an independent power producer (IPP) and operates nine power plants in the country with the total installed capacity of 627-mega watt (MW), mainly through coal. 

The power demands in Philippine is going to increase in future with rising population and economic growth, therefore, providing power infrastructure and new sources of power are going to be key issues.

Since 1991 Philippine has been promoting private investment in power sector and separation of power generation and transmission.

According to the 2013 supply-demand outlook, it is estimated that the power demand in the Visayas region, home to Panay and Cebu islands, will rise at 4.52 per cent annually, increasing from 1,568 MW in 2012 to 2237 MW in 2020 and to 3431 MW 2030.  

ORIX already has a firm business base in Philippine with business interests ranging to real estate. It developed 825 units of luxury condominium in 2007 with Federal Land, a real estate subsidiary of GT Capital.





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