Aboitiz Power Corp. (AboitizPower, PSE: AP) subsidiary Therma Power Visayas Inc. (TPVI) has received the Certificate of Effectivity (COE) from the Power Sector Assets and Liabilities Management Corp. (PSALM) to initiate the former’s purchase of the Naga Power Plant Complex located in Naga City, Cebu.
The COE implements the Sept. 28, 2015 decision of the Supreme Court, which upheld the April 30, 2014 award of the facility to TPVI.
“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 and COO Antonio R. 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 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 MW.