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STATE-RUN Power Sector Assets and Liabilities
Management Corp. (Psalm) has declared the consortium led by Aboitiz
Power Corp. as the winning bidder for the Ambuklao-Binga
Hydroelectric Power Plant Complex.
In a disclosure to the Philippine
Stock Exchange, Aboitiz Power said Psalm issued to SNAP Hydro, a
joint venture with SN Power AS of Norway, the Notice of Award for
the facilities, which consist of the 75 megawatt Ambuklao and 100
megawatt Binga plants located in Benguet.
The facilities were bid out as a
package. SNAP Hydro tendered the highest offer price of $325 million
for the complex.
SNAP Hydro also bagged the 360
megawatt Magat Hydroelectric Power Plant, the country’s largest
facility of its kind, in December last year.
Psalm’s announcement clears the
way for the consortium’s completion of its financing program for
the complex, which SNAP Hydro plans to bankroll through a 70:30 mix
in favor of equity as against debt.
The Asset Purchase Agreement for
the complex requires SNAP Hydro to deliver at least 40 percent of
the purchase price of $325 million as upfront payment payable on or
before the closing date. The balance of 60 percent may be paid in 14
equal semiannual payments with an interest of 12 percent per annum
compounded semiannually.
--Euan Paulo C. Añonuevo
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