MANILA, Philippines - State-run Power Sector Assets and Liabilities Management (PSALM) Corp. has turned over the 32-megawatt (MW) Power Barge 104 to new owner SPC Power Corp.
PSALM said in a statement yesterday the ceremonial turnover took place on June 30, which the signals that operational and management responsibilities and duties for PB 104 are now transferred to the new owner.
PSALM officer-in-charge Lourdes Alzona said the turnover is a “manifestation of the strong partnership and collaboration between the government and the private sector that rests on a solid platform to provide reliable and quality supply of power to Filipino consumers.”
For SPC’s part, the PB 104 award is a continuation of the company and government’s collaboration in the power industry, SPC senior vice-president for finance and administration Alfredo Ballesteros said.
“The sale and now the turnover of PB 104 is another opportunity where we have collaborated as partners in the electricity industry. This is another testament to PSALM’s success in privatization and we are proud to be part of it,” he said.
Last April 15, SPC Island Power Corp. (SIPC) outbid two other firms, namely Trans-Asia Oil and Energy Development Corp. and D.M. Wenceslao & Associates Inc., for the power asset with an offer of P218.89 million.
Just last month, SPC executed an amendment, accession and assumption agreement among PSALM and SIPC. This effectively transfers SIPC’s rights over the 32-MW PB 104 to its listed parent firm.