MANILA, Philippines - The state-run Power Sector Assets and Liabilities Management Corp. (PSALM) is set to turn over the 146.5-megawatt (MW) Panay and 22-MW Bohol diesel power plants to SPC Power Corp. (SPC), formerly Salcon Power Corp.
PSALM sources said these power plants will be transferred to SPC on March 25 this year.
SPC submitted the highest bid price of $5.86 million for the power plant package last November 2008.
SPC earlier won the contract for Napocor’s 203.8-MW Naga power plant complex under a rehabilitation, operation, maintenance and management agreement. The power facility is located in Colau, Naga, Cebu.
Aiming to expand its involvement in power-related projects in the Philippines, SPC has entered into joint ventures, has acquired equity interest and has signed technical services agreements.
SPC’s joint venture projects are part of its strategy to increase its involvement in the power sector.
Its technical services agreements, on the other hand, have helped the company realize its strategy of providing technical, operational and management services to privatize power plant operators and electric distributors.
The company’s expansion plans are supported by Salcon Philippines Inc. and Salcon Ltd. of Singapore, which is engaged in the development of water treatment plants, waste water treatment plants, palm oil mills and liquid storage tanks.
SPC is owned by a group of Filipino investors holding a combined 60 percent while 40 percent is owned by Korea Electric Power Corp. – Donnabelle Gatdula