SPC Power Corp. asks SC to reconsider NPPC ruling

spc-power-corp-asks-sc-to-reconsider-nppc-ruling

SPC Power Corp. has gone to the Supreme Court en banc as part of its efforts to keep the rehabilitation contract for the Naga Power Plant Complex in Cebu.

Aboitiz Power Corp. yesterday disclosed that SPC filed an Urgent Motion for Reconsideration with Alternative Motion to Refer to the En Banc on October 26.

Last month, the Supreme Court ruled that the Power Sector Assets and Liabilities Management Corp. (PSALM) should give the contract to rehabilitate the 153.1-megawatt NPPC to Therma Power Visayas Inc. (TPVI), owned by the Aboitiz Power Group.

Read: Aboitiz Power awarded NPPC rehabilitation contract

A public bidding held by PSALM in 2014 showed TVPI as the top bidder with a P109-billion offer versus SPC Power Corp. with P858.99 million.

SPC exercised its right to win the bid with a P1.14-billion payment from its NPPC-Land Lease Agreement (LLA) with PSALM in 2009.

However, the Supreme Court set aside the Asset Purchase Agreement and the LLA between the SPC and PSALM, and directed the latter to execute the decision in favor of TPVI.

SPC earlier said the government could lose P54 million and won’t be able to rebid the facility.

Read: SPC Power Corp. asks SC to reconsider Naga complex ruling

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