PSALM awards Power Barge 104 to SPC Power Corporation

01 Jul 2016

The Power Sector Assets and Liabilities Management (PSALM) Corporation on Thursday (30 June 2016) conducted the ceremonial turnover of the 32-megawatt (MW) Power Barge 104 to its new owner, SPC Power Corporation (SPC).

"Today's turn-over ceremony for the closing of sale of Power Barge 104 is another 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," said Lourdes S. Alzona, PSALM's Officer-in Charge in her opening remarks.

The awarding of the symbolical key to SPC Power Corporation signals that the operational, and management responsibilities and duties for PB 104 are now transferred to the new owner.

Alzona further said that with the expertise and professionalism of SPC, the government has the support of another reliable partner in fostering development in the countryside through power generation.

In his closing remarks, Alfredo S. Ballesteros, SPC Senior Vice-President for Finance and Admin, assured PSALM that PB 104 will be in good hands. "PSALM and SPC have been together in certain projects of the government, working and supporting each other. The sale and now the turn-over of the 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.

On 15 April 2016, three negotiating parties submitted their offers. After careful evaluation by the PSALM Bids and Awards Committee, it was announced that SPC met the reserve price and was declared as the negotiating party with the highest offer of P 218,889,999.00.

The turnover ceremony was attended by SPC key officials led by its President and Chief Executive Officer, Dennis T. Villareal, to sign the Joint Certificate of Turnover and Deed of Absolute Sale.

After the successful turnover of PB 104, PSALM is set to put on sale the decommissioned Sucat Thermal Power Plant.

Corporate Communications Division
Tel. No. (632) 9029067