McKinley Holdings (BVI) Limited is ready to explore the opportunities of roughly USD 2.7 Billion in the electricity sector in the Philippines
August 16, 2019
McKinley Holdings (BVI) Ltd. has entered an exclusive agreement with Orion Pacific Prime Energy Inc. on August 16, 2019, to build the coal-fired power plant (1,200MW Class) in Quezon province, Philippines and to operate the power plant for 50 years under PSA (Power Supply Agreement) supported by Power distribution utilities (DUs) in the Philippines.
The signing ceremony was carried in the conference center of The National Transmission Corporation (TransCo, a government agency of DOE) with the presence of Mr. Melvin Matibag, President/CEO of TransCo and Under-Secretary of DOE, Mr. Jason Kim, Chairman of McKinley Holdings (BVI) Ltd., and Mr. Ariel F. Nepomuceno, Chairman of Orion Pacific Prime Energy Inc.
Mr. Melvin Matibag said, “We are expecting more interest in the investment in the Philippines' energy projects, and we hope this helps our economy boost-up for our people.”
Mr. Jason Kim, Chairman of McKinley Holdings (BVI) Ltd. stated, “Through this project, McKinley Holdings LTD. will actively participate in building the infrastructure and other major construction businesses in the Philippines.” He also added, “The Philippines’ highest growth rate among Asian countries presents preferable opportunities and great value in the investment.”
According to Orion Pacific Prime Energy Inc., two 600 megawatt Ultra Super Critical (USC) coal-fired power plants will reduce the country's power shortage and reduce energy costs. It also expects 3,000 new jobs to be created during construction.
McKinley Holdings (BVI) Ltd., an affiliate of McKinley Investment Group of Companies, is a global project management company with its operation out of Hong Kong, and the company has numbers of undergoing projects through Asian countries. McKinley Holdings (BVI) Ltd. estimates an investment of about $ 2.7 billion in Quezon coal plants to maintain stable operation of the plant in the long run. The company is considering working with major EPC (engineering, procurement and construction) companies in Korea or China, but also with others with state-of-the-art technology with years of experience in the coal-fired power plant construction industry.
In the picture: Mr. Jason Kim, Chairman of McKinley Holdings (BVI) Ltd. and Mr. Ariel F. Nepomuceno, Chairman of Orion Paciﬁc Prime Energy