The Tokyo Electric Power Company, Inc. (TEPCO) hereby announces participation
in a new IPP business named "The Star Buck Project".
TEPCO has previously engaged in the IPP business in Taiwan, and this will be
the third project following the successful Chang Bin and Fong Der projects.
This IPP project was originally awarded to the Taiwan Cogeneration Corporation*1
(TCC) in the tender, which was solicited by the government of Taiwan in April
2005. The content of the contract was to build the "Star Buck Thermal Power
Station", a gas-combined cycle power plant with a generating capacity of 490MW
in Changhua Province in the central part of Taiwan. Electricity will be sold
exclusively to the Taiwan Power Company for 25 years from the date of commercial
operation scheduled in 2009.
In August 2006, with 4 other companies including TCC, TEPCO signed a Joint Venture
Agreement for the project and proceeded with further evaluation regarding precise
conditions of participation in the project.
As a result, TEPCO officially decided to participate in the project by investing
NT$ 750 million (approximately ¥3 billion) to acquire a 25% share of the project
company, "Star Buck Power Corporation*2", and plans to dispatch engineers to
facilitate management of the plant in regard to operation and maintenance.
TEPCO will utilize its technical expertise and know-how regarding gas-combined
cycle power plant through participation in the "The Star Buck Project", and
expects to enjoy stable revenue under the power purchase agreement with the Taiwan
Power Company.
The project will move into the full-scale construction phase in order to commence
commercial operation by July 2009 once approval from the appropriate authorities
of the Taiwanese government is obtained (scheduled for August 2007).
TEPCO is committed to continuing efforts toward overseas business to attain
further growth and development by taking advantage of business opportunities abroad.
*1 Taiwan Cogeneration Corporation
Established: 1992
Head Office: Taipei
Equity capital: 4.207 billion NT$(As of the end of Dec. 2006)
Shareholders: Taiwan Power Company 27% (Approx.)
China Development Industrial Bank 11% (Approx.)
Mega International Commercial Bank 6% (Approx.)
Others
Scope of business:
•Planning, design, procuring, installing, construction management, and
budgeting of power stations, cogeneration plants, and transmission and
distribution facilities.
•Development of and investment in power stations and cogeneration plants.
•R&D of electric power and other energy related businesses, technical
assistance, consultancy service, importation and exportation of installments.
*2 Star Buck Power Corporation
Chinese:
Established: August 29 , 2006
Head Office: Taipei
Equity capital: 3 billion NT$ (Authorized)
Shareholders: Taiwan Cogeneration Corporation
Tokyo Electric Power Company
(investing through a subsidiary company, TEPCO International B.V.)
China Development Industrial Bank
Mega International Commercial Bank
Sumitomo Corporation Appendices
Appendix:Outline of the IPP business "The Star Buck Project" in Taiwan (PDF 49.9KB)
Reference1:Overview of TEPCO's participations in the Chang Bin and Fong Der
IPP projects (PDF 40.7KB)
Reference2:Taiwan Electric Overview (PDF 46.9KB) |