PSALM turns over Amlan power plant to new owner

MANILA, Philippines - The winning bidder of the Amlan hydroelectric power plant paid the Power Sector Assets and Liabilities Management Corp. $230,000 Thursday that will be deposited in government coffers. A joint certificate of turnover and the deed of absolute sale was inked by ICS Renewables Inc. and PSALM to formalize the privatization of the power facility located in Amlan, Negros Oriental after its bidding in December 2008. The full payment for the Amlan power plant will be used to pay a portion of the $6.278-billion debt of cash-strapped National Power Corp. ICS Renewables' offer exceeded the reserve price set by the PSALM board for the Amlan plant, which is the first power facility to be constructed in Negros Oriental. Supplying power to the town of Amlan and nearby villages, the Visayas-based hydropower facility is designed to operate as a base-load plant. ICS Renewables a newly-incorporated company engaged in the manufacture of alternative fuels. It is also involved in acquiring, developing, owning, leasing, subleasing, operating and managing real and personal property of every kind and description, including but not limited to, properties using alternative fuels and other environment-friendly device or equipment. It has expressed interest to participate in the bidding for the 55-megawatt Naga land-based gas turbine power plant.- R. A. M. Rubio, GMANews.TV