By Alena Mae S. Flores

GN Power Ltd. has tapped Sithe Global Power LLC, General Electric Energy Financial Services and Denham Capital Management to infuse equity into its P44-billion, 600-megawatt coal plant in Mariveles, Bataan.

Sithe Global said in its Web site the coal plant was on the ?last stages of development.?

The company said Chinese and Philippine banks would extend loans to finance the project while Sithe Global, General Electric Energy and Denham would provide equity.

?The engineering, procurement and construction counter party is expected to be a subsidiary of Sinomach [China],? it said.

Sithe Global is an international development company engaged in the development, construction, acquisition and operation of electric generation facilities in attractive markets around the world.

?The Luzon power market ranks as one of the most attractive in Asia. Its regulatory framework is investor-friendly and transparent, and low current per capita electricity consumption combined with robust economic growth should ensure moderate to high demand growth,? the company said.

?The Mariveles project is expected to have the lowest marginal operating cost of any coal project on the grid when completed. It will provide significant benefits to the local community by reducing electricity costs, as well as providing jobs and substantial economic stimulus,? it added.

Denham is an energy and commodities investment company with over $4.3 billion of invested and committed capital while General Electric Energy is a diversified global infrastructure, finance and media company.

The Mariveles coal project will consist of two identical 300-megawatt power facilities using proven pulverized coal combustion technology. The plant will be designed to meet more restrictive Philippine and World Bank standards.