News

PHINMA, PSALM end row over Leyte plant

January 2018

PHINMA Energy Corp. said yesterday it had agreed with state-firm Power Sector Assets and Liabilities Management Corp. (Psalm) to mutually end their administration agreement related to the Unified Leyte Geothermal Power Plant (ULGPP).

PHINMA Energy said in a disclosure to the Philippine Stock Exchange it had settled all of its obligations to Psalm.

Also, the company will withdraw the case it filed earlier and no further claims will be pursued.

Last September, the company said it had filed in court a complaint seeking to restrain Psalm from terminating the agreement related to the strips of energy of the ULGPP on grounds of “administrator’s default.”

In November 2013, Phinma Energy—then named Trans-Asia Oil and Energy Development Corp.)—was declared one of the winning bidders with the right to administer 40 MW “strips of energy” from the ULGPP.

In the same month, Supertyphoon “Yolanda” hit Eastern Visayas which resulted in extensive damage to the ULGPP. Consequently, Psalm awarded the contract to the winning bidders after a year’s delay.

PHINMA Energy formally sought the renegotiation of the agreement, but Psalm served the company a notice of default and termination of the agreement.

Also last September, Psalm said deficiencies in obligations on the part of Independent Power Producer Administrators (IPPAs) were addressed according to the terms of the administration agreement.
Read more at: http://business.inquirer.net/243257/phinma-psalm-end-row-leyte-plant#ixzz53GfNoGvU

 

Phinma Energy eyes tender offer

May 2019

Phinma Energy Corp. said Tuesday it will conduct a tender offer to shareholders of Phinma Petroleum and Geothermal Inc. as a part of the sale of its shares to AC Read More

 

PCC approves Ayala’s acquisition for P3 billion of PHINMA energy assets

April 2019

The final go-signal has been bestowed by the Philippine Competition Commission (PCC) on the acquisition by AC Energy Inc. of the energy assets of PHINMA group of the Del Rosarios. Read More

 

PCC approves Ayala-PHINMA energy deal

April 2019

MANILA — The Philippine Competition Commission (PCC) has approved the acquisition of the majority stake in PHINMA Energy by Ayala Corporation’s power branch, AC Energy. In its decision dated April 11, Read More