PSALM achieves significant reduction in financial obligations for FY 2023 and First Quarter 2024
The Power Sector Assets and Liabilities Management (PSALM) Corporation achieved a major success in its ongoing efforts to manage and reduce its financial obligations (FO). The reduction in FO balance was due to a plethora of factors, notable of which are the following: (1) Therma Luzon, Inc.’s (TLI) prepayment of its monthly payments relative to the Pagbilao Coal-Fired Power Plant IPPA in November 2023, (2) the sale and turnover of the Casecnan Hydroelectric Power Plant (HEPP) to Fresh River Lakes Corporation in February 2024, and (3) successful privatization of selected real estate assets within the allotted timeline. PSALM has reduced its liabilities to PHP283.65 billion as of 31 March 2024. A remarkable decrease of PHP956.35 billion from the 2003 peak level of PHP1.24 trillion. ...
PSALM issues its Guidelines and Procedures for Entering Joint Venture Agreements
The Power Sector Assets and Liabilities Management Corporation (PSALM) announces the issuance of its Guidelines and Procedures for Entering Joint Venture (JV) Agreements as approved by the PSALM Board on 26 June 2023. ...
Effective 26 February 2024 at 00:00 hours, FRLC, a subsidiary of First Gen Corporation, is the official owner and operator of the 165-megawatt Casecnan HEPP....
PSALM obtains clearance from PCC on the sale of Casecnan hydro power plant
On 30 January 2024, the Power Sector Assets and Liabilities Management Corporation (PSALM) received the Philippine Competition Commission (PCC) Certification for its clearance on the sale of the 165-megawatt Casecnan Hydroelectric Power Plant (CHEPP) by PSALM and the National Irrigation Administration (NIA) to Fresh River Lakes Corporation (FLRC). Following PCC’s clearance, PSALM issued its Certificate of Effectivity to FLRC on 31 January 2024 which marked the Casecnan Final Transaction Documents effective and binding among the Parties composed of PSALM, NIA and FRLC. ...
PSALM conducts successful pre-proposal conference for CBK plants, attracts interest from five (5) potential bidders
The Power Sector Assets and Liabilities Management (PSALM) Corporation conducted a successful pre-proposal conference on 12 July 2024 for the privatization of the Caliraya-Botocan-Kalayaan (CBK) Hydroelectric Power Plant Complex in Lumban, Majayjay, and Kalayaan Laguna, attracting significant interest from five (5) key industry players. The conference served as a pivotal event in the pre-bidding process, providing detailed insights into the CBK Plant Complex’s assets and inviting robust participation from potential bidders....