PSALM turns over power barge to SPC Power

State-run Power Sector Assets and Liabilities Management (PSALM) Corp. has turned over the 32-megawatt (MW) Power Barge 104 to new owner SPC Power Corp.

PSALM said in a statement yesterday the ceremonial turnover took place on June 30, which the signals that operational and management responsibilities and duties for PB 104 are now transferred to the new owner.

Last April 15, SPC Island Power Corp. (SIPC) outbid two other firms, namely Trans-Asia Oil and Energy Development Corp. and D.M. Wenceslao & Associates Inc., for the power asset with an offer of P218.89 million.

Read more here.

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