EXCHANGE OF CLOSING DOCUMENTS

The Power Sector Assets and Liabilities Management Corporation and Green Core Geothermal Inc. (GCGI), a subsidiary of Energy Development Corporation, last 21 October exchanged closing documents for the privatization of the 192.5-megawatt Palinpinon and 112.5-MW Tongonan geothermal power plants. The submission of the closing deliverables by both parties paves the way for the turnover of the two power facilities to GCGI. Ricardo M. Empleo Jr., manager of PSALM’s Asset Valuation and Disposal Department 3, and GCGI representative Martha J. de Lusong shake hands to complete the exchange of documents. Looking on are, from GCGI (from left): Teodorico R. Delfin, Kristina V. Lagula, and Grace L. Marcelo; from PSALM (from right): Don Thed J. Ramirez, Hesiquio A. Quinsay, Agathonico A. Tabid, Brian Ruño, Angeli A. Abad, Atty. Arlene B. Evangelio, Edwin S. Alfonso, and Conrad S. Tolentino, acting vice president for Asset Management and Electricity Trading.