|GBP originated in 2003 as Mirant Toledo Holdings Corporation, which subsequently changed its name to Mirant Global Corporation in June 26, 2003 – a joint venture among Mirant (Philippines) Corporation, Global Holdings Inc. (GBH) and First Metro Investment Corporation (FMIC). Mirant Global Corporation owned TPC, PPC and GPRI which collectively had 179.5MW of generation capacity.In 2004 and 2005, Mirant Global Corporation expanded its facilities in Iloilo City and Aklan in Panay Island. In 2006, Mirant (Philippines) Corporation’s entire share in the company was acquired by FMIC and GBH, and the company was renamed Global Business Power Corporation.
In 2008, CEDC was incorporated as a joint venture with Global Formosa Power Holdings, Inc. and Abovant Holdings, Inc. for the development and operation of the 246MW coal-fired facility in Toledo City, Cebu. Cebu broke ground on its facility on the same year.
PEDC was in incorporated also in 2008 to develop the 164MW coal-fired facility in Iloilo City which has an identical design to the CEDC facility and also broke ground that year.
|Commercial operations for CEDC and PEDC began on February 26 and March 26, 2011, respectively.In 2012, Orix Corporation of Japan acquired a 20 percent stake in GBP positioning the company for further growth and expansion.
Also in 2012, TPC embarked on another growth development as it broke ground and signed the EPC for an 82MW clean-coal fired power plant. Dubbed as the TPC1A Expansion Project, TPC1A was formally switched-on last September 19, 2014 and is seen to provide the energy requirements of Carmen Copper Mining Corporation and Cebu Electric Cooperative (CEBECO3) beginning December 26, 2014.
PEDC’s Unit 3 Expansion Project – a 150MW clean-coal fired plant expansion project in Iloilo City – is seen to address the increased demand for energy in the city and is projected to reduce the kilowatt-hour charges of existing PEDC customers as the company achieves economies of scale.