Tokyo Electric

Team Energy (TEPCO-Marubeni) in Philippine Power

Team Energy (formerly Crimson Holdings), the 50:50 joint venture of TEPCO-Marubeni, is one of the largest IPPs in the Philippines, with over 2,000MW of installed generating capacity, or 14% of the total. TeaM Energy owns and operates two coal-fired facilities (1,294MW Sual and 728MW Pagbilao) in Luzon, the northernmost and largest of the three island groups that constitute the Philippines, with ECA contracts expiring in 2024-2025. It also own a 20% stake in the 1,270- MW Ilijan natural gas-fired plant in Batangas. In June 2007, Japan Bank for International Cooperation (JBIC) provided a loan of up to US$2.7B and a political risk guarantee to Crimson Power to support its acquisition of Mirant’s assets (100% stake in Sual and Pagbilao, 20% equity in Ilijan). In 1993, Asian Development Bank (ADB) provided a package of US$40M loan and US$10M equity investment to Mirant Pagbilao Corp; other co-financiers included Japan Export Import Bank, US Export Import Bank.

Philippine power privatization 8 years hence

Eight years after the enactment of EPIRA, there has been no effective solution to the problems, old and new, that beset the country’s power industry – e.g., electricity prices continue to soar making the cost of electricity among the highest in Asia; new middlemen, e.g, in guise of IPPAs, will further jack-up prices; NPC/government continues to provide guarantees to new players, e.g., guaranteed markets, fuel subsidies; crippling debt burden; a new era of ‘cross-ownership’ risking ‘sweetheart deals’ among distribution utilities and sister IPPs; ‘uncompetitive market behavior’ in the new electricity market; dismantling of NPC (now down to 20% of the national power grid); increasing exposure of Japanese, Korean, and Chinese state-run utilities in the strategic power sector; shift of power infrastructure financing from public to private sector; violations of trade union rights and unresolved labor issues and that threaten industrial peace and a stable electricity supply. Fundamentally, EPIRA simply transfers the monopoly privileges from the state to ‘unbundled’ interests, both domestic and foreign and not necessarily private, and thus allowing the ‘gains’ to be kept as excess (private) profits and a large percentage plowed overseas, instead of being shared with the consumers and taxpayers through lower electricity rates and a reduced debt burden.

Intl Power-TEPCO-Mitsui consortium in UAE-PWPA

International Power led consortium to acquire 40% of Umm Al Nar power and water plant, UAE; UAE and also signs agreements to expand the plant and sell entire output to ADWEC under a 23-year agreement (London – 22 April 2003) -- We are pleased to announce that a consortium led by International Power and including Tokyo Electric Power Company (TEPCO) and Mitsui & Co. Limited (Mitsui), has agreed to acquire a 40% equity interest in the Umm Al Nar water and power plant from the Abu Dhabi Electricity and Water Authority (ADWEA). The remaining 60% ownership interest in the plant will continue to be held indirectly by ADWEA. The consortium has also signed agreements to expand the plant and sell the entire power and water output to the Abu Dhabi Water and Electricity Company (ADWEC) under an approximate 23 year Power and Water Purchase Agreement (PWPA).

JBIC-TEPCO acquires 19% Uranium One Canada

Tokyo Electric Power, Toshiba and Japan Bank for International Cooperation to Acquire 19.95% Equity Interest in Uranium One of Canada Establishment of Long Term Strategic Alliance with Strategic Relationship Agreement and Uranium Offtake Agreement (February 10, 2009)

JBIC loan to TEPCO-Marubeni consortium to acquire Mirant IPPs in Philippines

Project Finance Loan and Political Risk Guarantee for Philippines' Power Project Portfolio Acquisition Supporting Japanese Companies for Acquisition of Interests in Existing IPP Projects (June 7, 2007) - 1. Japan Bank for International Cooperation (JBIC; Governor: Kyosuke Shinozawa) signed today a loan agreement totaling up to US$2,700 million with CrimsonPower Holdings Company, Inc. (CPHI) in the Philippines. The loan, provided in project financing,*1 was cofinanced with Sumitomo Mitsui Banking Corporation (SMBC) and Mizuho Corporate Bank. JBIC also provided a political risk guarantee for the cofinanced portion. CPHI was set up by the Tokyo Electric Power Company, Incorporated (TEPCO) and Marubeni Corporation (Marubeni), with both companies having equal equity stakes in it.

PSI re onerous Paiton 3 & 4 PPA

PSI letter to Indonesia President Yudhoyono, JBIC President (Nov 2008); JBIC response; JBIC loans to Paiton; Paiton sponsors - Tokyo Electric, Mitsui, JBIC.
Re onerous terms of Aug 2008 PPA of Paiton 3 & 4 power plants in Indonesia.

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