Power Barge #117 and #118

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In September 2009, the Power Sector Assets and Liabilities Management (PSALM) fully divested Power Barge #117 and #118 by selling them to Aboitiz Power Corporation for US$30 million (US$16 million for 100 MW power barge #117 and US$14 million for 100 MW power barge #118). Under the agreement, the company paid PSALM 40% of purchase price (US$12 million) upon closing of the acquisition, while the remaining 60% ( US$18 million) would be payable over a period up to seven years. The acquisition of power barge #117 was done through its wholly owned subsidiary Therma Mobile Inc., and power barge #118, through its wholly owned subsidiary Therma Marine Inc. The tender process had been launched by PSALM in early 2009, but no further information on the bidding process was available. The two power plant were developed by Burmeister and Wain's under a 15 year BOT contract that expired in April 2009. Detailed information on financing was not publicly available. In January 2012, Aboitiz agreed to supply 5MW to Zamsureco I and 4MW to Zamsureco II, for a period of 3 years. The Power Barge 117 was located in Brgy, Sta. Ana Nasipit, Agusan del Norte, and Power Barge 118 was moored in Brgy. San Roque, Maco, Compostela Valley. Later in 2012, disagreement over the tariff made Aboitiz refund part of the revenue from P14/kWh to P8/kWh. Contract cost was based on US$600k per MW, 10% return, for 3 years. http://business.inquirer.net/40677/aboitiz-unit-to-supply-mindanao-co-ops