Dubai-based Lloyds Energy is partnering with Mitsubishi Corporation Energy of Japan to put up a 1,200 MW LNG merchant power plant in the Philippines. Details of the proposed LNG merchant plant are yet to be firmed up. Unlike conventional independent power projects, merchant plants do not have upfront, long-term PPAs to cover their output. Lloyds’s LNG plans include partnership with state firm Philippine National Oil Company (PNOC). Lloyds Energy had earlier signed an MoU with PNOC to explore ways to develop LNG facilities and natural gas power plants in Bataan and Batangas provinces.
