Malaya Thermal Power Plants

concluded

This 650-MW project is located in Rizal, east of Manila. Korea Electric Power Company will rehabilitate and operate two existing bunker-C oil fired power plants. The contract allows Kepco to spend 4 years rehabilitating the plants, and then 11 years operating and maintaining the plants. Kepco's bid included the posting of a $100 million security deposit by the company. Financing entities for the project included Asahi Bank Ltd., BOT International (HK) Ltd., Citicorp International Ltd., Credit Lyonnais, Dai-Ichi Kangyo Bank, Korea Development Bank, Mitsubishi Trust, Mitsui Trust, Societe Generale Asia and Sumitomo Trust. Kepco rehabilitated the plant in 10 months and operated it until 2011. Kepco Philippines contract to operate the plant expired on January 24th, 2011. The Philippine government extended the contract by six months while the Power Sector Assets and Liabilities Management Corp. (PSALM) initiated a bidding process to auction the Independent Power Producer Administrator (IPPA) contract. In 2011, the ROT contract expired and a 1 year O&M contract was awarded to SPC Power Corporation (previously: known as Salcon Power). After this one year, the contract was formally tendered in 2012, with SPC Power being the sole contender. In 2013, the tender was under investigation. http://www.tribuneonline.org/index.php/business/item/10081-doe-to-probe-mishap-at-malaya-power-plant http://business.inquirer.net/94925/spc-power-to-operate-650-mw-malaya-plant-in-rizal