First Gen looking at acquiring 640 MW Leyte geothermal complex
Tongonan, Leyte Geothermal power plant, Philippines
Alexander Richter
23 May 2011
Lopez-owned First Gen Corp. is contemplating on acquiring remaining government-owned power assets, among them the 640 MW Unified Leyte geothermal power complex, as well as some hydro power plants.
In other news from the Philippines earlier this month it is reported that “First Gen Corp. is looking at acquiring the remaining government-owned power assets and contracted capacities to help further cement its foothold in the local power industry.
Francis Giles Puno, president of First Gen, said the company was considering several independent power producer administrator (IPPA) contracts, among them the contract for the 640-MW Unified Leyte geothermal power complex as well as some hydro plants.
“There are a number of hydroelectric power plants that are up for bid. But we understand the schedule is not also very clear. So in the meantime, in a way, we’re quite fortunate we’ve made investments in additional stakes in Energy Development Corp., and even if the bidding for assets to be privatized is deferred, it’s okay with us,” Puno said.
State-run Power Sector Assets and Liabilities Management Corp. (PSALM) is expected to resume its sale of the remaining government-owned power plants and contracted capacities this year after such plans were put on hold in 2010 for further review and scrutiny.
To date, however, PSALM has yet to announce new bidding schedules.
PSALM president Emmanuel Ledesma Jr. earlier explained that the purpose of halting the sale of the power plants was only to give them time to review the privatization process and see how things could be improved in the future.
He had said then that although they were taking guidance “very closely” from the Department of Energy, the agency would push through with its privatization plans.”
Source: Inquirer Business
