Korea Water Resources Development Corp. was declared by the Power Sector Assets and Liabilities Management (PSALM) Corporation as the highest bidder for the 246-MW Angat Hydroelectric Power Plant.
The Korean firm offered US$440.88 million the Angat hydro project, edging out five other bidders.
Korea Water's bid exceeded the reserve price set by the PSALM board for the Angat project, media reports indicate.
PSALM will verify the accuracy, authenticity and completeness of the bid documents that Korea Water had submitted before the company can be formally declared the winning bidder for the Angat hydropower project, local media reported.
As soon as the firm is officially declared the winning bidder, it will be obligated to operate and maintain the Angat Dam at no cost to the government. Operation and maintenance obligations include keeping the dam compliant with international standards on safety, as well as addressing all structural weaknesses of the dam.
In successfully bidding out the Angat hydro project, which operates through the Angat Dam, PSALM stressed that only the power plant component of the dam was privatized. The Angat Dam, which supplies more than 90 percent of the water requirements of metropolitan Manila and neighboring provinces, remains the property of the Philippine government.
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