PSALM turns over Power Barges 101-103

08 Jul 2015

The Power Sector Assets and Liabilities Management (PSALM) Corporation's privatization program was boosted anew after it turned over Power Barge (PB) Nos. 101, 102, and 103 to new owner Trans-Asia Oil and Energy Development Corporation.

PSALM held the simple ceremonial turnover at its Makati City office on Wednesday (08 July 2015), after completing negotiations for the sale of PBs 101-103. The turnover was highlighted by the signing of the Joint Certificate of Turnover of the power barges by PSALM Officer-in-Charge Lourdes S. Alzona and Trans-Asia Senior Vice President for Power Business Rizalino G. Santos.

"Finally, after much ado, we have come to this final stage in the sale of PBs 101-103. As the firm tasked by law to privatize the power assets of the National Power Corporation (NPC), we are delighted to see that we are once again moving forward with our mandate, and we are indeed very grateful to Trans-Asia for making this possible," Ms. Alzona said in a statement.

PSALM conducted the ceremonial turnover after it received on Tuesday (07 July 2015) Trans-Asia's full payment of the purchase price for the power barges in the amount of PhP420 million.

With an identical capacity of 32 megawatts (MW), the PBs are barge-mounted bunker-fired power stations consisting of four (4) identical Hitachi-Sulzer diesel generator units rated at eight (8) MW each. PBs 101-102 are currently stationed at Bo. Obrero in Iloilo City and were commissioned in 1981. PB 103, which began operating in 1985, is currently docked at the Keppel Subic Shipyard in Zambales and is scheduled for repair.

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