Agus-Pulangi hydro complex attracts potential investors
Two companies have formally expressed interest in rehabilitating the aging Agus-Pulangi hydropower complex in Mindanao, according to the Power Sector Assets and Liabilities Management Corp. (Psalm).
In an ambush interview on Tuesday, Psalm president and chief executive officer Dennis Edward Dela Serna said Psalm has already received two unsolicited proposals for the long-delayed rehabilitation of the state-owned hydro complex, which remains one of the country’s most critical power assets.
Dela Serna said one of the proposals recently passed the initial screening under the government’s public-private partnership (PPP) process.
“There are unsolicited proposals that we have received from different parties. There was a second one that cleared the PPP process yesterday,” Dela Serna said.
“What I can tell you is two—one is a consortium and one is not. These are players we’ve already seen in the industry,” he said.
The Agus-Pulangi complex, which has a combined installed capacity of around 1,000 megawatts, has long been operating below ideal levels due to aging facilities. There are repeated calls to modernize the asset to improve Mindanao’s supply stability.
Under Psalm’s plan, the rehabilitation will be pursued through a concession-type agreement rather than a direct sale, noting that the Electric Power Industry Reform Act places restrictions on the privatization of the complex.
The proposals will be evaluated using PPP Code timelines—10 days for acceptance, 90 days for detailed assessment and another 90 to 150 days for negotiations.
