Business World Online
Posted on July 08, 2015 10:31:00 PM
TRANS-Asia Oil and Energy Development Corp. has formally taken over three power barges privatized by the government, boosting its power generation portfolio by an additional 96 megawatts (MW), the company said yesterday.
State-owned Power Sector Assets and Liabilities Management Corp. (PSALM) entered into a memorandum of agreement with Trans-Asia for the negotiated sale of the asset.
“Both PSALM and Trans-Asia already delivered to each other their respective closing documents,” the disclosure read.
The company said it completed payment of its P420-million offer for the barges and a ceremonial turnover followed yesterday in Makati City.
Power barges 101 and 102, which were commissioned in 1981, are located in barrio Obrero in Iloilo City.
Originally located in Estancia, Iloilo, power barge 103 -- which went online in 1985 -- is currently situated at the Keppel Subic Shipyard in Zambales.
Each of these barges has a rated capacity of 32 MW.
ONE PACKAGE
PSALM agreed to sell the power barges to Trans-Asia for P420 million, which was higher than the power firm’s P370.52-million original offer in October 2013, when it was declared second highest bidder after SPC Island Power Corp.
With a P545.52-million offer, SPC Island Power was originally deemed as the winning bidder but the company in May last year decided not to pursue the takeover after super typhoon Yolanda (international name: Haiyan) damaged power barge 103.
Since the power barges were sold as one package, SPC Island’s withdrawal covered all the three assets.
Hence, PSALM opted for negotiations with Trans-Asia -- as approved by its board -- instead of doing another round of auction.
Trans-Asia said the acquisition of the assets will add to its growing power generation portfolio.
The company already owns diesel plants in Norzagaray, Bulacan; Bacnotan, La Union; Guimaras Island; and Subic, Zambales.
It also owns a 54-MW wind farm in San Lorenzo, Guimaras, as well as a 135-MW coal plant in Calaca, Batangas in partnership with the Ayalas’ AC Energy Holdings, Inc.
A second 135-MW unit coal plant is slated to be operational before the dry months of 2016.
Trans-Asia also holds a 25% stake in Maibarara Geothermal, Inc., which owns and operates a 20-MW geothermal power plant in Sto. Tomas, Batangas. -- Claire Ann-Marie C. Feliciano source
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