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PIA Press Release

PSALM receives full payment for Ambuklao-Binga power complex

Manila (29 August) -- The Power Sector Assets and Liabilities Management Corporation (PSALM) is expected to embark on another prepayment service after it received the full payment for the 75 megawatt (MW) Ambuklao and 100 MW Binga Hydroelectric Power Plants that the power firm successfully privatized through a public bidding last November 2007.

SN Aboitiz Power Benguet Inc. (SNAP Benguet), the winning bidder for the Ambuklao-Binga power complex, paid the last installment equivalent to 30% balance of the USD 325 million bid it offered for the Benguet based power facilities on 28 August.

The last installment is equivalent to USD99.0925 million inclusive of the accumulated interest reckoned from the time PSALM turned over the power facilities last 10 July 2008. The interest earned by PSALM from the sale transactions on top of the principal amounted to USD1.5925 million.

The first installment comprising 70% of the total purchase price was made during the turnover ceremony for the power plant facilities.

SNAP Benguet secured loans from international creditors that include the International Finance Corporation (IFC) of the World Bank Group and the Norwegian Investment Bank. It also secured financial support from six local banks to fully pay its winning bid for the Ambuklao-Binga power facilities.

Pursuant to the 2001 Electric Power Industry Reform Act, proceeds from the privatization of the government's electricity assets are used by PSALM to liquidate the financial obligations of National Power.

Meanwhile, SNAP Benguet has disclosed plans to expand the capacity of the power facilities it has acquired. SNAP Benguet will boost the current capacity of the Ambuklao plant from 75 megawatts (MW) to 105 MW, while the capacity of the Binga facility will be increased from 100 MW to 125 MW. (PIA) [top]

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