Korean operator of Angat plant to invest more

Manila Times.net


KOREA Water Resources Corp. (K-Water) said it would pursue its investments in the Philippines despite the stalled takeover of the Angat hydroelectric power plant. 
Gee-Hwan Park, K-Water vice president for land, energy and overseas services division, said last Friday that the company is still keen on putting up its various water infrastructure projects in the Philippines.

“Conducting the international roadshow here is an indication that K-Water is still keen in continuing its business in the Philippines,” he said.

These projects include the proposed $300 million Kapangan hydropower generation project in Benguet; the flood control project in Pampanga; and the rehabilitation of the Malinao Dam in Bohol.

K-Water is engaged in the construction, operation and management of multi-purpose dams and multi-regional and local water supply systems in Korea. In particular, it oversees 15 multi-purpose dams whose functions include supplying water, controlling floods and generating electricity

In April, K-Water placed the highest bid for the 218-megawatt Angat hydroelectric power plant with an offer of $440.88 million in an auction held by state-owned Power Sector Assets and Liabilities Management Corp. (PSALM).

The Angat hydroelectric plant is a component of the Angat dam, which provides more than 90 percent of Metro Manila’s drinking water requirements.

Although the dam itself was excluded from the privatization, K-Water will be obligated to operate and maintain it at no cost to the government, which will continue to exercise regulatory powers over the release of water from the facility.

A number of civil society groups and lawmakers, however, filed a petition with the Supreme Court to stop PSALM from awarding the prime hydro facility of the country to a foreign firm.

The K-Water official said the company is willing to wait for the Supreme Court’s decision even as its performance bond with PSALM expires.

“We are willing to wait for the proper judgment of the [Supreme Court]. We can extend the performance bond if necessary. We will wait and will not pull out,” he said.

Euan Paulo C. Añonuevo