COASTAL POWER CORPORATION SELECTED AS NEW POWER PROVIDER IN BASILAN (21 July 2008)
In signing ceremonies held on Monday, 21 July 2008 at the National Power Board Room at the National Power Head Office, Coastalpower Corporation was formally selected as the New Power Provider in Basilan. On hand to sign the Memorandum of Understanding and the term sheet for the selection of Coastalpower were Coastalpower Managing Director Manny Castro and Basilan Electric Cooperative Inc. (BASELCO) Board President Ismael Basa. NPC President Cyril C. Del Callar and BASELCO General Manager Alfredo Oyao served as witness to signing.
The designation of Coastalpower was the result of successful negotiations among NPC, BASELCO and Coastalpower following two failed bidding for the selection of a New Power Provider (NPP) in island of Basilan. NPC and BASELCO entered into an agreement to jointly select an NPP for Basilan through a competitive selection process in accordance with the Department of Energy's Department Circular No. 2004-01-001. The bidding was supervised and facilitated by the International Finance Corporation, the transaction advisor contracted by the Department of Energy, the Power Sector Assets and Liabilities Management Corporation and NPC for the selection of NPPs in selected SPUG areas.
NPPs are private or thirs party entities that are selected through competitive selection to undertake missionary electrification pusuant to the Department of Energy's Department Circular No. 2004-01-001 seeking to optimize the countryside benefits missionary activities through the full or gradual privatization to viable islands that are currently served by SPUG.
Also present during the signing were NPC-SPUG Planning & Technical Services Department Manager Rafael L. Abergas and Ms. Julinette bayking, Investment Officer of IFC.
