PSALM to hand over Angat plant to Korea firm

Power Sector Assets and Liabilities Corp. (PSALM) said it would formally turn over the 218-megawatt Angat Hydro Electric Power Plant (AHEPP) in Bulacan to Korea Water Resources Corp. (K-Water) at the end of October.

The Angat multipurpose dam has a hydroelectric power capacity of 246 megawatts (MW), but only the 218-MW segment is being privatized. PSALM, which is tasked to privatize state-owned power generation facilities, has settled on a reduced purchase price of $439 million (from the original $441 million), PSALM president and CEO Emmanuel Ledesma said.

Everything has been agreed upon already, Ledesma said. “We’re just finalizing the ceremony. It will be on Oct. 31st. K-Water will fully pay the new price.”

National Power Corp. (Napocor) president Ma. Gladys Cruz-Sta. Rita earlier said K-Water would retain about 57 staff members of AHEPP. It already has started the process of taking over the facility.

As such, Napocor has released notices of separation to the 57 Angat power plant employees.

Napocor, however, will continue to operate the non-power components of Angat that include the dam and spillway, and the management of the Angat watershed.

Ahead of the turnover, Sta. Rita said, the South Korean firm has already started its corporate social responsibility work for the Dumagat tribe of Angat.