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.
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