• SNAP keen on buying Napocor assets

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    SN Aboitiz Power Inc. (SNAP) is keenly interested in growing its core business by acquiring assets being privatized by the government.

    SNAP Executive Vice President and COO Joseph Yu told reporters in an interview that the company is eyeing the 728-megawatt (MW) Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plant and the 140-MW Casecnan multi-purpose project.

    “Actually, the model for SNAP is to see what’s out there in terms of privatization and to be able to participate in any of the due diligence processes to . . . find out whether the remaining assets are attractive,” SNAP Vice President for Corporate Services Michael Hosillos said.

    “Definitely, it’s part of the business model to still participate . . . in terms of which ones are attractive. That’s probably something that we really need to answer once those assets are actually put up for . . . due diligence,” he added.

    SNAP is also interested in joining the bidding for the Agus-Pulangi hydropower complex in Mindanao.

    The mammoth complex, operated by state-owned National Power Corp. (Napocor), is set to be privatized by the Power Sector Assets and Liabilities Management Corp (PSALM).

    With a combined installed capacity of 982 megawatts, the Agus and Pulangi power plant complexes account for more than 50 percent of Mindanao’s requirement, according to Napocor.

    The privatization of the Agus-Pulangi plants and other Napocor assets is mandated by the Electric Power Industry Reform Act of 2001 to settle Napocor debts.

    SN Aboitiz is a joint venture between Aboitiz Power Corp. and SN Power of Norway.

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