Amlan power plant turned-over to new owner
Posted on June 27th, 2009
While the bidding for the two power plants in Sual and Pagbilao were a failure, the Power Sector Assets and Liabilities Management Corp. (Psalm) have earlier announced ICS Renewables Inc. as the winning bidder for the Amlan hydroelectric power plant.
The winning bidder has already paid the Psalm $230,000 last Thursday, which will be deposited in government coffers. The two parties, ICS Renewables Inc. and Psalm, have already executed a joint certificate of turnover and a deed of absolute sale to formalize the privatization of the power facility located in Amlan, Negros Oriental after its bidding in December 2008.
The full payment for the said power plant will be used to pay a portion of the $6.278-billion debt of cash-strapped National Power Corp. (NAPOCOR).
The Amlan power plant, which is the first power facility to be constructed in Negros Oriental, was acquired by ICS Renewables because its offer exceeded the reserve price set by the Psalm board. The Visayas-based hydropower plant was designed to operate as a base-load plant, and it supplies power to the town of Amlan and nearby villages.
ICS Renewables is a newly-incorporated company which is engaged in the manufacture of alternative fuels, and is also involved in acquiring, developing, owning, leasing, subleasing, operating and managing real and personal property of every kind and description. This includes, but not necessarily limited to, properties using alternative fuels and other environment-friendly device or equipment.
The company also expressed interest to participate in the bidding for the 55-megawatt Naga land-based gas turbine power plant.
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