THE Power Sector Assets and Liabilities Management (PSALM) Corp. has served a notice of default to FDC Misamis Power Corp. in connection with the latter’s Independent Power Producer Administrator Agreement (IPPAA) on the energy capacity of Mindanao Geothermal Plants 1 and 2.
PSALM said in a statement on Wednesday it was left with no choice but to invoke administrator default on FDC Misamis Power after invalidating the latter’s IPPAA for the said facility.
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