World Bank, JBIC give consent to Napocor sale
Manila Times, Friday, December 31, 2004
THE Power Sector Assets and Liabilities Management Corp. (PSALM) said on Thursday that it has gained the consent of creditors World Bank and the Japan Bank for International Cooperation (JBIC) for the sale of the first set of generation assets of the National Power Corp. (Napocor).
“The two creditors have given us their letters of consent and we expect the Asian Development Bank’s consent to follow soon,” Raphael Lotilla, PSALM president and chief executive, said.
He said the World Bank’s letter confirmed that its specific consent is unnecessary for the sale of five Napocor generation assets valued at about $5.11 million as the sale is not expected to materially affect the state-run power firm’s ability to do business.
The World Bank and JBIC’s consent to the award and sale to winning bidders covers the following hydroelectric power plants: the 3.5-megawatt (MW) Talomo facility located in Barrio Mintal, Talomo, Davao City; the 1.6-MW Agusan plant in Manolo Fortich, Bukidnon; the 1.8-MW Barit facility in Buhi, Camarines Sur; the 0.4-MW Cawayan plant in Sorsogon City, Sorsogon; and the 1.2-MW Loboc facility in Bohol.
Buyers of the power facilities include Hydroelectric Development Corp., First Generation Holdings Inc., the lawyer Ramon Constancio, Sorsogon II Electric Cooperative Inc. and Sta. Clara International.
Lotilla said the buyers reflect a well-diversified set with no single group predominating.
“We hope that this trend continues to maximize proceeds for the government that will help reduce Napocor’s debt burden and the tariff rates paid by the Filipino people,” he said.
THE Power Sector Assets and Liabilities Management Corp. (PSALM) said on Thursday that it has gained the consent of creditors World Bank and the Japan Bank for International Cooperation (JBIC) for the sale of the first set of generation assets of the National Power Corp. (Napocor).
“The two creditors have given us their letters of consent and we expect the Asian Development Bank’s consent to follow soon,” Raphael Lotilla, PSALM president and chief executive, said.
He said the World Bank’s letter confirmed that its specific consent is unnecessary for the sale of five Napocor generation assets valued at about $5.11 million as the sale is not expected to materially affect the state-run power firm’s ability to do business.
The World Bank and JBIC’s consent to the award and sale to winning bidders covers the following hydroelectric power plants: the 3.5-megawatt (MW) Talomo facility located in Barrio Mintal, Talomo, Davao City; the 1.6-MW Agusan plant in Manolo Fortich, Bukidnon; the 1.8-MW Barit facility in Buhi, Camarines Sur; the 0.4-MW Cawayan plant in Sorsogon City, Sorsogon; and the 1.2-MW Loboc facility in Bohol.
Buyers of the power facilities include Hydroelectric Development Corp., First Generation Holdings Inc., the lawyer Ramon Constancio, Sorsogon II Electric Cooperative Inc. and Sta. Clara International.
Lotilla said the buyers reflect a well-diversified set with no single group predominating.
“We hope that this trend continues to maximize proceeds for the government that will help reduce Napocor’s debt burden and the tariff rates paid by the Filipino people,” he said.
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