MANILA, Philippines—TeaM Energy Corp. said it has completed the handover of its 735-megawatt (MW) Pagbilao coal-fired thermal power plant to the Philippine government, which then immediately turned it over to Aboitiz Power Corp.
The turnover to the government was made through the Power Sector Assets and Liabilities Management Corp. (PSALM), following the expiration of the independent power producer contract dated November 9, 1991. The plant was built under a Build-Operate-Transfer scheme with the National Power Corp. (NPC), which represented the national government at the time.
Therma Luzon Inc. (TLI), a subsidiary of Aboitiz Power, received the facility from PSALM. TLI had been the independent power producer administrator of the plant and, under its agreement with PSALM, it was given the right to take ownership of the plant upon the end of that agreement.
“We successfully completed earlier this morning the turnover of the Pagbilao Power Station to PSALM and NPC,” said Jun Sano, chairman of the board and officer-in-charge of TeaM Energy.
“Our efforts have been successful as the plant has been turned over in excellent condition, ready to continue generating the much-needed electricity for the Luzon grid,” said Sano.
The Pagbilao plant, located in Quezon, consists of two 367.5-MW generating units. Sano said that for the past 29 years, the plant has contributed to the progress of the Philippines and helped transform Pagbilao from a fifth-class municipality in the 1990s to a first-class municipality today.
TeaM Energy, a joint venture between Japanese firms Jera Co. Inc. and Marubeni Corp., will continue to hold a 50-percent stake in the adjacent 420-MW Pagbilao Unit 3 Power Project.
The company’s retail electricity supply arm, TeaM Philippines Energy Corp., will also continue its operations.
