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 to withdraw lawsuit vs Psalm after Ippa deal terminated

THE Power Sector Assets and Liabilities Management (PSALM) Corp. and PHINMA Energy Corp. have agreed to terminate the Independent Power Producer Administrators (Ippa) agreement for the 40-megawatt (MW) strip of energy Read More

 

PHINMA ends IPPA contract with PSALM

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 Read More

 

PHINMA Energy firming up 45-MW solar project

July 2017

Publicly listed PHINMA Energy Corporation casts on blueprint a 45-megawatt solar farm installation that it targets to advance into commercial development following the enforcement of the renewable portfolio standards (RPS) Read More