State-run Power Sector Assets and Liabilities Management Corporation (PSALM) has reportedly served a “formal notice of default and confiscation of performance bond” on Monday (December 11) to FDC Misamis Power Corporation of the Filinvest group relating to its independent power producer administrator (IPPA) contract on the 108 MW Mt Apo geothermal power plant in Mindanao.
The Gotianun-led firm reportedly has surpassed the ‘unsettled” obligations relating to the Mt. Apo asset that could have been covered by its performance bond.
With the default declaration, it has been noted by sources from PSALM that the government’s next move shall be to cancel its performance bond and eventual termination of their IPPA agreement.
From the Global Geothermal News archives:
Tuesday, January 6, 2015 - Philippines: FDC Misamis Power Corp. takes over Mt. Apo Geothermal Plants
Tuesday, January 6, 2015 - Philippines: FDC Misamis Power Corp. takes over Mt. Apo Geothermal Plants
- Friday, December 19, 2014 - Philippines: PSALM Cedes Mt. Apo Geothermal Plants
- Tuesday, November 11, 2014 - Philippines: FDC Misamis Passes Post-Qualifying Phase for Mt. Apo Geothermal IPPA