MVP keen on Bulacan power proj with Korean partner

MANILA, Philippines - The group of Manuel V. Pangilinan is keen on partnering with the South Korean firm that now owns Angat hydroelectric powerplant.

“We’ve spoken to them. In fact, I visited Daejeon in Korea where they’re headquartered. I don’t think they made a decision which group to partner with,” Pangilinan told reporters.

“We are interested,” he said further.

In April 2010, Korea Water Resources Corp. (K-Water) won the bidding for the privatization of the 218-megawatt Angat hydroelectric power plant in Bulacan for $440.88 million.

Among the other bidders was First Gen Northern Energy Corp., a joint venture of First Gen Corp., Ayala Corp., and Pangilinan-led Metro Pacific Investments Corp.

It was only in October last year when the sale was declared valid and legal by the Supreme Court, which dismissed petitions from non-government organizations (NGO) opposed to the transaction.

Among others, the high court noted that the foreign ownership of a hydropower facility is not covered by the 60-percent cap.

But while the sale to K-Water was declared valid and legal, the Korean firm’s utilization of water in the Angat dam for hydropower generation will be subject to the National Water Resources Board’s rules and regulations.

The Angat dam provides more than 90 percent of Metro Manila and neighboring provinces’ water requirements.