Thursday, October 23, 2014

K-water to take over Angat soon

Manila Standard Today
By Alena Mae S. Flores | Oct. 23, 2014 at 11:01pm

The Power Sector Assets and Liabilities Management Corp. said Thursday the operations of the 218-megawatt Angat hydropower plant in Bulacan will be turned over to winning bidder K-Water Resources Corp. of Korea by the end of the month.

PSALM president Emmanuel Ledesma Jr. said “everything is settled” for the turnover of the Angat facility to K-water on Oct. 31.

Ledesma said the bid price was lowered to $439 million from the original $440.88-million winning bid.

“The roughly $439-million reduced purchase price is a result of the capacity testing of AHEPP’s [Angat hydroelectric power plant] main units 2 and 4 as provided under the APA [asset purchase agreement],” Ledesma said earlier.

PSALM earlier said it aimed to close the sale of the Angat hydro power plant as early as January but this was delayed due to certain issues such as issuance of business permit and registration with the Bangko Sentral and collection of real property tax.

The Angat power plants are located in San Lorenzo, Norzagaray, Bulacan. It consists of four main units, each with a 50-MW capacity. The units were commissioned between 1967 and 1968.

PSALM in September last year issued the certificate of effectivity to K-water, the winning bidder for the Angat power facility.

The certificate obliges K-water to fully comply and complete all conditions precedent for the closing of the Angat hydropower plant sale. source

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