CIPC was established in October 2010 as the project company to undertake the construction and operation of the 8 MW bunker C and 750 kW diesel C fired power plants in the municipalities of Coron and Busuanga, respectively. In August 2011, CIPC entered into a 15C year Power Sale Agreement with Busuanga Island Electric Cooperative covering the total capacity of the project. CIPC broke ground in April 2013. The Busuanga power station started feeding into the island’s grid in the fourth quarter of 2013, while the Coron power station commenced power generation in August 2014. VEC has an equity stake of 50% in CIPC.