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MANILA, Philippines – Conglomerate San Miguel Corporation and the Lopez group will partner with the Korean company that bagged the contract to operate and manage the 218-megawatt Angat hydroelectric power plant.
The parties will form a special purpose company (SPC), where San Miguel and the Lopez group will take a 60% stake, while K-Water will hold the remaining 40%.
K-Water won the bidding for the operation and management of Angat plant in April 2010.
“We already have an understanding with Piki (Frederico) Lopez a long time ago already,” said San Miguel President and Chief Operating Officer Ramon Ang after the stockholders’ meeting of Petron Corporation, where Ang sits as chairman.
Frederico Lopez is the chairman of First Gen Corporation, the leading clean and renewable energy company in the country with an installed capacity of 2,763 MW. It is the holding company for the Lopez group’s power generation and energy related businesses.
Ang has been saying that San Miguel would bring in another Filipino shareholder in the SPC with K-Water.
K-Water and San Miguel have an agreement to undertake the administration, rehabilitation, operation and management of the Angat plant.
San Miguel would “take part in the management,” said K-Water vice president for Overseas Business Division Byung Hoon Yune in September last year. “Financially, they will control the SPC and K-Water will operate and maintain the Angat plant.”
The plant is composed of 4 main and 5 auxiliary turbines. K-Water won the bidding for the facility, with an offer of $440.8 million. – Rappler.com