18 Jul 2018
The Power Sector Assets and Liabilities Management Corporation (PSALM) turned over the 153.1-megawatt Naga Power Plant Complex (NPPC) to Therma Power Visayas, Inc. (TPVI) on 16 July 2018 in a simple ceremony held at the PSALM Office in Diliman, Quezon City.
The turnover of the power complex is in accordance with the Supreme Court’s final decision in October 2016 which resolved to nullify the Asset Purchase Agreement and Land Lease Agreement executed by PSALM and Salcon Power Corporation (now SPC Power Corporation) and to reinstate the Notice of Award dated 30 April 2014 in favor of TPVI. PSALM issued the Certificate of Effectivity of the Asset Purchase Agreement on 18 May 2018 which TPVI accepted on 23 May 2018. SPC returned NPPC to PSALM on 13 July 2018.
“There is no way to go but move forward. With the issues finally behind us, let us honor the Naga Power Plant Complex which has been contributory to local economic development as well as energy security in the Visayas. For PSALM, this event is not just about the Naga Power Plant, it is about PSALM being able to finally resolve old issues and to now focus on its most important work of privatizing the remaining assets.” PSALM President and CEO Irene Besido Garcia said during the ceremony.
The Naga plant complex is comprised of the 52.5-MW Cebu 1 and 56.8-MW Cebu 2 coal-fired thermal power plants, and the 43.8-MW Cebu Diesel Power Plant 1 composed of six (6) 7.3-MW bunker-C fed power units. Located in Colon, Naga City, Cebu, these power plants use a combination of coal, bunker C oil and diesel as fuel.
Corporate Communications Division