Tiwi-Makban power plants

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In May 2009, the Power Sector Assets and Liabilities Management (PSALM) finalized the sale of 747MW Tiwi-Makban power complex by selling it to AP Renewables Inc. for US$ 446.88 million. In July 2007, PSALM awarded the project through competitive bidding to AP Renewables Inc. with higher bidding price of US$446.88 than US$368.4 million that First Luzon Geothermal Energy, the other bidder, offered at the tender. The first tender for the power complex was arranged in 2005 but the auction was cancelled to accommodate changes to the bidding procedures. Aboitiz' subsidiary held a 10 year PPA with local utility Camarines Norte Electric Cooperative (CANORECO), which supplies power to Camarines Norte’s capital city of Daet and 10 other municipalities – Mercedes, Labo, Vinzons, Sta. Elena, Basud, Talisay, San Vicente, Capalonga, Paracale and Panganiban. Under the agreement, AP Renewables Inc. made the initial downpayment of US$ 178.17 million, or 40% of the total purchase price in May 2009. In October 2009, Aboitiz Power Renewables paid in full the outstanding US$257.3 million (PHP12.12 billion) balance on the price to acquire the Tiwi-Makban geothermal facility. http://thinkgeoenergy.com/archives/8834

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