Bauang La Union Diesel-Fired Power Plant

concluded

Closed

First Private Power Corp. has 93% ownership of the 215-MW diesel-fired power plant in Bauang, La Union. The Philippine company American Life Insurance Co. has a 7% stake. As of Dec. 31, 2008, First Private Power Co. was a joint venture between Meralco (20%); First Gen Corporation (40%); PCI Capital Corp. (20%) and JG Summit Corp (20%). First Gen Corporation was 55% owned by First Philippine Holdings Co. and 45% owned by private investors via the stock exchange. Accordingly First Philippine Holdings Co. had a 20% effective holding in Bauang Private Power Corp. A PPA has been signed with Meralco. The PPA was protected by a sovereign guarantee. The project was financed with government loan guarantees. The project received $85 million in equity financing in 1996 from the following sources: First Private Power Corp. (40%); First Philippine Holdings (20%); JG Summit (20%); PCI Bank (20%). All 4 units came online in 1994. The plant had a 7km transmission line. On July 26, 2010, at the end of the 15-year BOT period, the Bauang Private Power Corporation formally turned over the plant to the National Power Corporation (NPC) / Power Sector Assets and Liabilities Management Corporation (PSALM). Plant turned over 122 words 28 July 2010 BusinessWorld BSWRLD S1/7 English (c) 2010 Business World Publishing Corporation. Lopez-led First Gen Corp. has turned over one of its power plants to the National Power Corp. (Napocor) with the conclusion of a 15-year build- operate-transfer agreement. In a disclosure to the Philippine Stock Exchange, First Gen said it turned over the diesel bunker power plant managed by unit Bauang Private Power Corp. yesterday. The build-operate- transfer deal was executed during the power crisis of the early 1990s. Bauang Private Power is owned by First Private Power Corp. and Chartis Philippines Insurance, Inc. First Private Power is owned by First Gen, Manila Electric Co., and JG Summit Holdings, Inc. Shares in First Gen fell by 0.2% to P9.68 apiece in yesterday's trading. Document BSWRLD0020100728e67s0000h + Related Dow Jones Intelligent Indexing™ + More Like This

Energy

World Bank Group

Project

Commercial, Power Generation (CCGT), Government