Published By Myrna M. Velasco
The cash hoard of Power Sector Assets and Liabilities Management Corporation (PSALM) had been beefed up with its P19.65-billion collections relative to reimbursement of its advances to the 345-megawatt (MW) San Roque hydropower project.
“PSALM has collected P19.65 billion from the Department of Public Works and Highways (DPWH), Department of Environment and Natural Resources (DENR) and National Irrigation Administration (NIA) for the reimbursement of advances of PSALM-NPC (National Power Corporation) for the San Roque multi-purpose project non-power component,” the company noted.
Of this amount, PSALM documents showed that for year 2016 it had collected P596.170 million from the DENR. Factoring in the previous year reimbursements, its total collections from DENR already hovered at P5.483 billion.
The biggest repayment to PSALM was by NIA at P14.007 billion.
The state-run firm also claimed reimbursements of P160.37 million from the DPWH with settlement already done in previous years.
The San Roque multi-purpose hydropower complex is under a build-operate-transfer (BOT) contract for 25 years. Its core functions are on irrigation of farmlands and electricity generation.
The project’s corporate vehicle San Roque Power Corporation (SRPC) is owned by Japanese firms Marubeni Corporation and Kansai Electric Power Company, Ltd. – having equal equity sharing of 50 percent each.
SRPC is the facility’s operator, while the independent power producer administrator (IPPA) that sells and trades its power capacity is Strategic Power Development Corporation of the San Miguel conglomerate.
The $1.2-billion hydropower facility started its commercial operations in 2003 after decades of pre-development up to the completion of project construction.
As stipulated under its BOT deal with state-owned NPC, in its first four years of commercial operations, the nominated capacity of the plant will just be at 85mw; and will subsequently be ramped up to 95MW at years 5 to 10.