Aboitiz Power to bid for, expand govt power plants

Aboitiz Power Corp., which is seeking to list in the Philippine Stock Exchange within the year, is considering participating in the bidding for big hydroelectric power complexes of the government. Luis Miguel Aboitiz, Aboitiz Power senior vice president, said the company is looking to acquire the 175-megawatt Ambuklao-Binga hydro power plant and the 246-megawatt Angat hydro power plant. He added that if the company wins the bidding for the hydro complexes, they will expand their respective capacities. "If we will win (them), we will expand (their capacities) next year," Aboitiz said. The Power Sector Assets and Liabilities Management has announced that it will sell the Ambuklao-Binga complex within the year. Aboitiz Power has recently won the bidding for the 360-megawatt Magat Hydroelectric Power Plant. Psalm has turned over in April the Magat Plant to SN Aboitiz Power Inc., a joint venture between the Aboitiz Group and the SN Power. The plant was sold for $530 million, of which $371 million has already been paid. Aboitiz Power has a capacity of producing more than 400 megawatts. Bulk of this capacity comes from hydro power plants. Besides participating in the bidding of assets of the National Power Corp., Aboitiz Power is also looking into the possibility of building two new hydro power facilities in Mindanao. The company is planning to borrow P9 billion from local banks to finance the construction of a 42-MW Sibulan and 38-MW Tamugan power plants. The plants are expected to be completed in the next two to three years. - GMANews.TV