KEPCO Philippines Holdings, Inc. (KPHI) took on the construction of the 200 MW Circulation Fluidized Bed Combustion (CFBC) Power Plant in the City of Naga, Cebu. The 200MW Cebu CFBC Power Plant consists of two 100MW units.

The project was implemented by KEPCO SPC, a joint venture of KEPCO Philippines and SPC Power Corporation under a Build-Operate-Own (BOO) scheme. KEPCO SPC Power Corporation (KEPCO SPC) was registered with the Philippine Securities and Exchange Commission (SEC) on June 22, 2005.

The project is conceptualized under the scheme of a merchant power plant, characterized by the execution of power sale contracts (PSCs) with distribution utilities and electric cooperatives, instead of power purchase agreements with the government. Under the concept, the generating company is responsible for the whole construction, operation and maintenance of the plant, including fuel supply, among others, without any Philippine government guarantees.

On May 8, 2008, the Company was registered with the Board of Investments as a new operator of 200 MW Coal Fired Power Plant on a preferred pioneer status under Executive Order No. 226, otherwise known as the Omnibus Investments Code of 1987.

The Power Plant started commercial operations of Unit 1 and Unit 2 on February 21 and May 25, 2011, respectively. The Company is also a member of the Wholesale Electricity Spot Market (WESM) and participates as a generator beginning February 28, 2011 and May 31, 2011, for Unit 1 and Unit 2, respectively.

On October 18, 2016, the Energy Regulatory Commission (ERC) granted the Company a license to operate as a Retail Electricity Supplier (RES).