Talomo Hydroelectric Plant

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In April of 2004, the Philippine government, through the Power Sector Assets and Liabilities Management Corporation (PSALM), launched a planned US$5 billion divestiture of its state-owned power assets with the initial sale of a 3.5-MW plant to local firm Hydro Electric Development Corp. (HEDC), a subsidary of Aboitiz Power Co., which was in turn a subsidary of Aboitiz Equity Ventures (AEV). HEDC bought the Talomo Hydroelectric Plant in the southern city of Davao in Mindanao for US$1.37 million. Built in 1957, the Talomo Plant was the first hydroelectric plant in southeastern Mindanao. It was leased in 1972 to Davao Light & Power Co., a subsidiary of Aboitiz Power Co., before being returned to Napocor in 1998. The plant was one of 35 owned by state-owned National Power Corp. (Napocor), which the government had planned to divest in order to trim the firm's debts. None None