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GOVERNMENT-RUN Power Sector Assets and Liabilities
Management Corp. (PSALM) said Friday it has teamed up
with Masinloc Power Partners Co. Ltd. to accelerate the
sale of Masinloc Thermal Power Plant.
“PSALM
has maintained open communications with Masinloc Power,”
said Helena C. Tolentino, PSALM vice president for
contracts management and corporate services.
Masinloc
Power—a consortium led by Singapore-based AES Transpower
Pte. Ltd.—won the 600-megawatt (MW) Masinloc Coal-Fired
Thermal Power Plant on July 26, 2007 for a bid of $930
million.
As the
winning bidder, Masinloc Power must pay 40 percent, or
$372 million, of its bid by the closing date on May 24,
2008.
Tolentino said Masinloc Power has promised to pay 100
percent of its bid offer on that date.
“We are
aware of Masinloc Power’s efforts to meet its obligation
and we appreciate the support of International Finance
Corp. (IFC) and other institutions that are helping
Masinloc Power in this regard,” she added.
The
money will help liquidate debts of the National Power
Corp.—specified under the Electric Power Industry Reform
Act (EPIRA) to lower the government’s debt burden.
“PSALM
is ready with its deliverables, including a coal-sale
agreement and a program for the rehabilitation of the
power plant, and we hope to close the sale with Masinloc
Power as soon as possible so that the benefits from the
privatization of the Masinloc plant will be immediately
felt by the Filipino people,” Tolentino said.
AES
Transpower, on the other hand, said it is scheduled to
sign agreements with three commercial banks this month
for $200 million worth of loans to partly raise the down
payment for the 600-MW Masinloc coal-fired power
facility.
AES
Transpower is reported to have talked to the Bank of the
Philippine Islands, Rizal Commercial Banking Corp. and
ING; and that it is also talking to Banco de Oro if it
would also lend money to the consortium.
“Definitely, AES will raise the money for its payment
with PSALM,” a source privy to the transaction said.
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