PHINMA ends IPPA contract with PSALM

January 2018

Listed firm PHINMA Energy Corporation has decided to “mutually terminate” its contract with state-run Power Sector Assets and Liabilities Management Corporation (PSALM) relating to its deal as Independent Power Producer Administrator (IPPA) for a 40-megawatt strip capacity of the Unified Leyte geothermal power facility.

The IPPA transaction was relative to the mode of privatization carried out by PSALM on the supply contract of the 640MW geothermal power asset.

In a disclosure to the Philippine Stock Exchange (PSE), PHINMA Energy noted that the contract termination “allows the company to improve its supply costs while maintaining a diversified portfolio.”

The Del Rosario-led firm added that in line with this mutually beneficial decision to parties, it first “settled all of its obligations with PSALM.”

PHINMA Energy further announced that it “will withdraw the case it filed earlier and no further claims will be pursued.” The contracted capacity of the Leyte geothermal plant was privatized in 2013 – done through the offer of several megawatt-strips at 40MW heaps, and one bulk package of 240MW capacity.

Nevertheless, after death-causing super-typhoon Yolanda struck Visayas in November 2013, the winner of the bulk capacity had withdrawn from the deal – that was the subsidiary of Lopez-led Energy Development Corporation, also the plant’s owner and operator.

PSALM attempted to rebid the 240MW bulk capacity package, but with series of natural calamities affecting the Leyte geothermal plant, it has been deferred several times. The Unified Leyte asset comprises of the 125MW Upper Mahiao, 232.5MW Malitbog and the 180MW Mahanagdong facilities, plus the 51MW optimization units.

The lingering delay in the privatization of the remaining chunk of the plant’s supply contract has also prompted members of the PSALM Board to suggest tapping a financial advisor to help sort out a mechanism that could shore up the chances of the asset getting transferred finally into private sector hands.

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