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PIA Press Release

ICS Renewables assumes ownership of Amlan power plant

Manila (26 June) -- The Power Sector Assets and Liabilities Management Corporation (PSALM) yesterday turned over the 0.8-megawatt (MW) Amlan Hydroelectric Power Plant to its new owner, ICS Renewables Inc., in a simple affair held at the PSALM offices as part of the Corporationís eighth anniversary celebration.

PSALM President and Chief Executive Officer Jose C. Ibazeta and ICS Renewables President Juan Eugenio L. Roxas signed the Joint Certificate of Turnover and the Deed of Absolute Sale to formalize the privatization of the power facility located in Sitio Pasalan, Bgy. Silab, Amlan, Negros Oriental.

PSALM also received from ICS Renewables USD230,000 as full payment for the Amlan power plant. The amount was the winning offer of the Filipino-owned company for the Visayas-based hydropower facility in a bidding conducted by PSALM last 10 December 2008. The amount exceeded the reserve price set by the PSALM Board for the generating asset.

On 08 January 2009, ICS Renewables was officially declared the winning bidder after it received from PSALM the Notice of Award and Certificate of Effectivity for the Amlan asset.

ICS Renewables, which expressed interest to participate in the bidding for the 55-MW Naga Land-Based Gas Turbine (LBGT) Power Plant, is a newly-incorporated company engaged in the manufacture of alternative fuels. The firm is also involved in acquiring, developing, owning, leasing, subleasing, operating and managing real and personal property of every kind and description, including but not limited to, properties using alternative fuels and other environment-friendly device or equipment.

The Amlan plant is the first power facility to be constructed in Negros Oriental. It is designed to operate as a base-load plant, supplying power to the town of Amlan and nearby villages.

Proceeds from the sale of the Amlan power plant will be deposited in the governmentís coffers and will be used to pay a portion of the USD6.278-billion debt of the National Power Corporation. (PIA-MMIO) [top]

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