MANILA, Philippines ? BacMan Geothermal, Inc., a wholly owned subsidiary of geothermal leader Energy Development Corp., paid the government P1.28 billion on Friday for the 150-megawatt Bacon-Manito geothermal power plant in Bicol.
In a disclosure to the Philippine Stock Exchange, EDC said the payment made to the Power Sector Assets and Liabilities Management Corp. (Psalm) represented the full payment for the bid price it had offered during a bidding held earlier this year.
The BacMan facilities were also turned over to the Lopez-led subsidiary, following the payment and the successful completion of the conditions required in the Asset Purchase Agreement.
