TVI is the project company that will build, own and operate the 2×150 MW coal-fired power plant in Barangay Bato, Toledo City, Cebu. The project is intended to address the increasing power demand of the Visayas grid. The plant design includes provisions for the addition of a third generating unit. Commercial operation of the first unit is expected to commence by fourth quarter of 2017 with the second unit following three months thereafter.
In May 2014, TVI signed an EPC contract with Hyundai Engineering Co., Ltd. And Galing Power Energy Co., Inc. TVI plans to issue the full Notice to Proceed by March 2015 to ensure guaranteed completion date by the last quarter of 2017.
An agreement was executed in August 2014 between VIGC and Therma Power, Inc. (TPI), which allowed VIGC to acquire a 20% equity stake in TVI. TPI, a wholly owned subsidiary of AP, is the parent company of TVI.