ABOITIZ Power Corporation subsidiary Therma Power Visayas Incorporated physically took over the Naga Power Plant Complex in Cebu on Monday, July 16.
"Our team has taken possession of the power plant complex and are now assessing the facility in preparation for maintenance and rehabilitation works. We are also conducting an inventory of the assets on site,” Therma Visayas COO Celso Caballero said in a statement.
“We would like to thank Psalm for their assistance in guiding us through this turnover process and we look forward to our partnership with the local government of Naga,” he added.
The turnover was made about four years after Therma Visayas won the bidding for the power plant.
Psalm, or the Power Sector Assets and Liabilities Management Corporation, issued the Certificate of Effectivity (COE) to Therma Visayas in May 2018.
The COE implements the September 28, 2015 decision of the Supreme Court, which upheld the April 30, 2014 award of the facility to Therma Visayas.
Company officials earlier said they will study their options, whether to rehabilitate the old facility or demolish this and build a new one.
The Naga Power Plant Complex, situated in Colon, City of Naga in southern Cebu, consists of two coal-fired thermal power plants and one diesel-fired facility that is composed of six bunker-C fed generating units.
These facilities have a combined capacity of 153.1 megawatts (MW).
AboitizPower, a former Cebu-based company, has a total generation capacity of 3,003 megawatts nationwide, making it one of the largest in the country. It eyes to bring its total generation capacity to 4,000 MW by 2020. (SunStar Philippines from PR)