September 04, 2013

SMC, K-Water tie up for power project

San Miguel Corp. (SMC) has partnered with Korea Water Resources Corp. (K-Water) for the operation of the 218-megawatt Angat hydropower plant in Bulacan, a ranking official from the Korean firm said. San Miguel and other potential Filipino investors will get the 60 percent of SPC and K-Water will get the 40-percent equity.

In 2010, the Power Sector Assets and Liabilities Management (PSALM), the government corporation tasked to manage the assets and liabilities of state-owned power assets, conducted a bidding for the $440.88-million facility. K-Water agreed to the original bid price of $440.88 million. - WealthSec