Power Sector Assets and Liabilities Management Corp. on Monday turned over the 153.1-megawatt Naga power plant complex in Cebu province to Aboitiz Power Corp. unit Therma Power Visayas Inc.
“Our team has taken possession of the power plant complex and are now assessing the facility in preparation for maintenance and rehabilitation works. We are also conducting an inventory of the assets on site,” Therma Power chief operating officer Celso Caballero said in a statement.
Caballero thanked PSALM for the turnover process, adding “we look forward to our partnership with the local government of Naga.”
The company received the certificate of effectivity from PSALM in May to initiate the purchase of the facility.
The certificate implements the Sept. 28, 2015 decision of the Supreme Court, which upheld the April 30, 2014 award of the facility to Therma Power.
The Naga Power Plant Complex is composed of diesel and coal power plants with a combined capacity of 153.1 MW.
The Naga complex consists of the 52.5-megawatt Cebu 1 and 56.8-MW Cebu 2 coal-fired thermal power plants, and the 43.8-MW Cebu diesel power plant 1 composed of six 7.3-MW bunker-C fed power units.
“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 earlier.
The Supreme Court directed the reinstatement of the notice of award to Therma Power in February last year.
The Supreme Court issued the order after former senator Serio Osmeña III cited the right of SPC Power Corp. to top the highest bidder.
Aboitiz Power is the holding company for the Aboitiz Group’s investments in power generation, distribution, and retail electricity services.
The company is one of the largest power producers in the Philippines with a balanced portfolio of assets across the country.
