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MANILA - Aboitiz Power Corp. has finalized the contracts for the construction of a coal-fired power plant in Davao.

In a statement to the bourse, AP said wholly-owned subsidiary Therma South, Inc. entered into construction, supply and coordination contracts with local and foreign contractors for the construction of the 300-megawatt plant.

Straddling Barangay Binugao, Toril District, Davao City and Barangay Inayawan, Sta. Cruz in Davao del Sur, the facility will use circulating fluidized-bed technology to minimize emmissions.

"The aggregate value of the construction, supply and coordination contracts for the Davao coal project is around $546 million," AP said.

The Davao City Council earlier approved the coal plant, which also won an Environmental Compliance Certificate from the Department of Environment and Natural Resources-Environmental Management Bureau.

The new plant, which is scheduled for completion in 40 months, aims to minimize Mindanao's reliance on hydroelectric power plants for its power requirements.

Energy Secretary Jose Rene D. Almendras earlier said new plants are required to take the burden off hydro facilities, which supply more than half of Mindanao's requirements, but become unreliable during the dry season.

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