By Lenie Lectura – May 24, 2018
from Business Mirror
THERMA Power Visayas Inc. (TPVI), a subsidiary of AboitizPower, can now proceed to operate the Naga Power Plant Complex in Naga City, Cebu, after it received a Certificate of Effectivity (COE) from the Power Sector Assets and Liabilities Management Corp. (PSALM).
“We appreciate the decision of PSALM, and we look forward to operating the facility and contribute to securing the energy needs of the Visayas,” AboitizPower President Antonio Moraza said.
PSALM issued a notice of award to TPVI in 2014 after TPVI posted the highest bid of P1.088 billion for the asset after two failed bidding.
The COE implements the September 28, 2015 decision of the Supreme Court, which upheld the April 30, 2014, award of the facility to TPVI.
The Supreme Court in a September 28, 2015 decision upheld the validity of PSALM’s public bidding. The High Court reiterated its decision in an October 5, 2016, resolution.
The Naga power-plant complex is composed of diesel and coal-power plants with a combined capacity of 153.1 megawatts.