San Miguel Corp., the Philippines’ biggest company, will join forces with Korea Water Resources Corp. to acquire the 218-megawatt Angat hydroelectric plant near the capital Manila.
San Miguel expects to sign a definitive agreement with the Daijon-based utility, it said today in a stock exchange filing. State-owned Power Sector Assets & Liabilities Management Corp. is set to issue a “certificate of effectivity” for the project in favor of Korea Water, according to the statement.
San Miguel said July 29 it was in talks with the Korean utility on teaming up to own and operate the plant in Bulacan province, 58 kilometers (36 miles) north of Manila.
Korea Water submitted the highest bid for the facility in 2010, offering the government $440.9 million. The Philippine Supreme Court halted the award in May that year before upholding its validity last October. The plant is fueled by the Angat dam.