Taken from:
http://business.inquirer.net/money/t...ngat-for-4408M


[SIZE="4"]Korea Water bags Angat for $440.8M[/SIZE]
By Amy R. Remo
Philippine Daily Inquirer
First Posted 22:25:00 04/28/2010


KOREA WATER RESOURCES CORP. (K-Water), the leading water resources and power firm in South Korea, yesterday submitted the highest bid of $440.8 million for the 218-megawatt Angat hydroelectric power plant in Bulacan.

Conrad Tolentino, vice president for electricity trading of Power Sector Assets and Liabilities Management Corp., said K-Water bested the offers of First Gen Northern Energy Corp., diversifying conglomerate San Miguel Corp., SN Aboitiz Power Pangasinan Inc., Trans-Asia Oil and Energy Development Corp. (TA-Oil), and DMCI Power Corp.

First Gen offered the second highest bid with $365 million, followed by San Miguel with $312.5 million, SN Aboitiz with $256 million, Trans-Asia with $237 million, and DMCI with $188.9 million, Tolentino said.

PSALM said in a separate statement that K-Water’s offer exceeded the reserve price set by the board for the An gat hydroelectric facility.

As soon as it has verified the accuracy, authenticity and completeness of the bid documents, PSALM said it would issue a notice of award to K-Water, formally declaring it as the winning bidder for the acquisition of the Angat power plant.

With the successful privatization of the Angat power plant, PSALM’s privatization level has hit 87.82 percent of generation assets in the Luzon and Visayas grids.

As soon as K-Water is officially declared the winning bidder, it will be obliged to operate and maintain the Angat Dam at no cost to the government, PSALM explained.

Ownership of Angat Dam, which supplies close to 97 percent of the water requirements of Metro Manila and neighboring provinces, remains with the government.