Aboitiz-owned Therma Power Visayas Inc. edged closer to gaining control of the 153.1-megawatt Naga Power Plant Complex in Cebu after the Supreme Court (SC) denied with finality an appeal filed by the generation facility’s current operator, Salcon Power Corp. (SPC).
In similar statements to the Philippine Stock Exchange, both Aboitiz Power Corp. and SPC disclosed to decision of the high tribunal to deny the latter’s urgent motion for reconsideration filed in late October. The Supreme Court made its final notice of judgment last Nov. 28, 2016.
“In response to various motions, on Oct. 10, 2016, the SC issued a notice of judgment and resolution clarifying that the nullification of SPC’s right to top did not invalidate the entire bidding process,” Aboitiz Power said. “The SC also ordered the reinstatement of the notice of award dated April 30, 2014 in favor of Therma Power Visayas.”
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