San Miguel to form new unit for Angat hydropower - via Philippine Star o San Miguel Corp. (SMC) will form a new unit to handle its investment in the Angat hydro powerplant, a company disclosure to the Philippine Stock Exchange (PSE) said. o At the same time, SMC said its board also authorized the management of Angat “to discuss, negotiate, and to enter into a joint venture with K-Water Resources Corp., under the terms and conditions favorable to the company.” o SMC said the new entity would undertake the administration, rehabilitation, operation and management of the hydropower facility. o Last month , SMC announced plans to form a joint venture with K-Water for the Angat plant. KWater is currently negotiating to bring down the $440.88-million price tag on the plant, citing the state of the facility as well as several changes the government put in the agreements signed by both parties. o K-Water won the bidding in 2010 for the 218-megawatt plant, which sources its power from the Angat Dam in Bulacan. o The Korean water firm said it wants to “achieve the same level of benefits expected” in its 2010 bid for the power plant and wants the plant’s Auxiliary Units 4 and 5 to be included in the takeover. The auxiliary units are owned by the Metropolitan Waterworks and Sewerage System
Posted on: Tue, 13 Aug 2013 02:01:14 +0000
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