Business mogul Manuel Pangilinan is interested in partnering with Korea Water Resources Development Corp. (K-Water), the leading water resources and power firm in South Korea, for the development of the 218-megawatt (MW) Angat hydro power plant in Bulacan.
Pangilinan, in his recent interview with reporters, indicated that he is keen to have a partnership with K-Water for the Angat project.
“We’ve spoken to them [K-Water]. We visited Daejeon, Korea where their headquarter is. I don’t think they already made a decision which group they will partner with. At least we take a look at it,” he said.
As of now, state-run Power Sector Assets and Liabilities Management Corp. (Psalm) should have turned over by now the Angat hydro power plant in Bulacan to K-Water.
Psalm President Emmanuel Ledesma Jr. said in previous reports that the company is optimistic of a February turnover of the Angat facility to K-Water.
“We will abide by what the Supreme Court says. Based on my understanding, if we comply with the conditions we will award it sometime in February,” he said.
Psalm, however, has yet to issue the certificate of effectivity of the contract to K-Water, which will signal K-Water to make the up-front payment for the turnover of the facility.
K-Water submitted the highest bid for the Angat hydro power plant at $440.88 million in 2010, besting some of the biggest power industry players in the country including First Gen Northern Energy Corp., San Miguel Corp., SN Aboitiz Power-Pangasinan Inc., Trans-Asia Oil and Energy Development Corp. and DMCI Power Corp.
K-Water is engaged in the construction, operation and management of multipurpose dams and multiregional/local water supply systems. It is also involved in complex development businesses assigned by the central/municipal governments.
In a 49-page decision written by Associate Justice Martin Villarama Jr. and issued in October last year, the High Tribunal declared as valid and legal the privatization of the power plant to K-Water but ruled that the National Power Corp. will retain control of the dam’s hydropower generation, subject to rules and regulations of the National Water Resources Board.
Meanwhile, Pangilinan also said that although there is nothing definite yet in his investments in Myanmar, as his group is keenly looking at opportunities in the water sector, among others.
“Well, we have broad spectrums of opportunity there so nothing is definite. The prime minister is laying emphasis on new power assets that will be built there. We’re looking at opportunities in the water side, even agriculture and even mining,” Pangilinan said.