ICS Renewables, the power company that won the bid for the 0.8-megawatt Amlan Hydroelectric Power Plant in Negros Oriental, has been directed by the Power Sector Assets and Liabilities Management Corp. to put up a 10 percent performance bond.

PSALM gave ICS Renewables 10          days to put up the bond, which is equivalent to $23,000, based on the Asset Purchase Agreement.

The newly-incorporated, Filipino-owned company involved in the manufacture of alternative fuels, headed by Juan Eugenio Roxas of Dumaguete City, was named  the winning bidder after it offered $230,000 for the hydropower facility last December 10.

PSALM said in a statement it issued that the amount exceeded the reserve price set by its Board for the generating asset.

The Notice of Award and Certificate of Effectivity for the Amlan plant, situated in Sitio Pasalan, Brgy. Silab in Amlan town, was released to ICS Renewables on January 8.

The power facility is operating as a base-load plant, supplying power to is host town and nearby villages.

Following the sale of the Amlan hydropower plant, PSALM completed the government’s power privatization program for 2008 more than its targeted 70 percent of the National Power Corporation’s generating assets in the Luzon and Visayas grids.

Last November, also divested its assets in the 146.5-MW Panay and 22-MW Bohol power plant package.*NLG

back to top