Naga power facility goes to SPC Power

J. B. F. Santos
BusinessWorld Online

Listed SPC Power Corp. has bagged the 55-megawatt (MW) Naga Land-Based Gas Turbine under a negotiated sale with the Power Sector Assets and Liabilities Management Corp. (PSALM).

SPC Power agreed to match PSALM’s reserve price of $1.008 million for the Cebu-based power facility, the third power asset bought by the company from PSALM. SPC Power’s initial offer for the facility was $429,488.

The facility is the seventh operating power plant sold by PSALM this year. The state agency failed to sell it in auctions held in April and June. Under the rules, PSALM may go into negotiations with any interested party after two failed biddings.

With the sale of the Naga plant, PSALM has bid out a total rated capacity of 1,780 MWs this year, spread among seven power generating plants.

These include the 600-MW Batangas (or Calaca) Coal-Fired Thermal Power Plant; Power Barge (PB) 117 and the PB 118 rated at 100 MW each; the 620-MW Limay Combined-Cycle Power Plant; and the 305-MW Palinpinon and Tongonan geothermal power plants.

PSALM had turned over to SPC Power Corp. the Panay and Bohol diesel power plants after the company paid $5.86 million.

In 1994, SPC Power, then known as Salcon Power Corp., won the Rehabilitation, Operation, Maintenance and Management Contract for the 203.8-MW Naga Power Plant Complex. Read More...