Power Sector Assets and Liabilities Management Corp. issued a certificate of effectivity to allow Therma Power Visayas Inc., a subsidiary of Aboitiz Power Corp., to initiate the purchase of the Naga Power Plant Complex in Naga City, Cebu.
Aboitiz Power said in a disclosure to the stock exchange the COE implemented the Sept. 28, 2015 decision of the Supreme Court, which upheld the April 30, 2014 award of the facility to TPVI.
“We appreciate the decision of PSALM and we look forward to operating the facility and contribute to securing the energy needs of the Visayas,” Aboitiz Power president and chief operating officer Antonio Moraza said.
PSALM issued a notice of award to TPVI in 2014 after it offered the highest bid of P1.088 billion for the asset after two failed bidding.
The Naga Power Plant Complex is composed of diesel and coal power plants with a combined capacity of 153.1 MW.