The GNPK facility is expected to be fully in commercial operation within this year.
'The completion of the transfer is subject to satisfaction of certain conditions precedent, including approvals by the Philippine Competition Commission and the lenders of the GNPK project,' it added.
On its website, the company claims that GNPK
"offers the lowest price among comparable suppliers as evidenced by its contracts with 21 electric cooperatives which were won after a large-scale competitive bidding and have, likewise, obtained approvals from the Energy Regulatory Commission."
Some parties who aired their interest in the GNPK
facility included San Miguel Corp.
ndash a limited partnership among AC Energy, the Philippine Investment Alliance for Infrastructure (PINAI) and Power Partners Ltd.
The Ayala power firm still has its interest intact in GNPK
and in South Luzon Thermal Energy Corp., which is a 2x122-MW coal-fired power plant in Batangas co-owned with Phinma Energy Corp.