Hydro Electric Development Corporation (Hedcor), a wholly owned subsidiary of Aboitiz Equity Ventures, Inc. (AEV), was declared by the Power Sector Assets and Liabilities Management Corp. (PSALM) as the winning bidder for the Talomo hydroelectric system in Mintal, Davao province. The bidding was done at the Department of Energy office last March 25, 2004.
The Talomo system, consisting of four plants with a total capacity of 3.5 megawatts, was built in the 1950’s and was owned by the National Power Corporation (NPC). PSALM is the government agency responsible to aid the state in the privatization of its generating assets under the Electric Power Industry Reform Act.
Hedcor submitted the highest bid of US$1.37 million for the Talomo project. The company bested two other bidders, Eco Tech Industrial Supply Corporation and Harty Incorporated Philippines. However, the announcement of Hedcor as the winning bidder is still subject to a post-qualification review.
AEV chief operating officer Erramon Aboitiz lauded the officers of PSALM for having the will to pursue the privatization of Napocor’s assets. “We are very happy to have won the Talomo project. AEV intends to continue to bid for more of these assets,” he said.
Hedcor officials, composed of VP for operations Gregorio Jabonillo, Fabrication manager Mario Garicia, TSD manager Bill Haboc, and TSD supervisors Raffy Macabiog, Vic Pelera, and Benjie Bartolome, visited the Talomo power plants last November 2003. They particularly examined and evaluated the plants’ existing civil, electrical, and mechanical components.
ISO-certified Hedcor is the largest developer of mini hydropower in the Philippines, operating 14 plants with 39.55 megawatts of total installed capacity that generates 164 million kilowatt-hours annually. The company operates and maintains the 70-megawatt Bakun AC power plant, the first and largest build-operate-transfer hydro project in the country.