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Bauang Private Power Corporation

The 225-MW Bauang medium-speed bunker-fired diesel power plant was developed by First Private Power Corporation (FPPC), a company established jointly by Meralco, FPHC, PCI Capital and JG Summit Holdings, Inc. (JG Summit) in October 1992 for the purpose of undertaking private power projects. FPPC successfully bid for the design, construction and operation of the Bauang plant under a Build-Operate-Transfer (BOT) arrangement. On February 3, 1993, BPPC was incorporated as the special purpose vehicle to directly implement the project. On March 15, 1993, BPPC, FPPC, and NPC entered into an Accession Undertaking naming BPPC the party to the BOT Agreement which assumed all the obligations, rights, benefits and interests of FPPC under the BOT Agreement.

Subsequently, First Gen acquired a 40% interest in FPPC, which in turn owns 93.25% of BPPC. First Gen effectively owns 37.3% of Bauang, with the balance owned by Meralco, JG Summit and the Philippine American Life Insurance Company.

Bauang, one of the largest bunker-fired diesel power generation facilities in the world, is located approximately 255 kilometers north of Manila in Payocpoc Sur, Bauang, La Union. The Bauang power plant commenced operations on July 25, 1995. Bauang sells all of its electricity to NPC under the 15-year BOT Agreement, which expires in July 2010. Fuel is supplied by NPC.

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