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Manila Bulletin devider Business devider Trade & Industry devider PSALM advances Agus-Pulangi revamp, evaluates private bids

PSALM advances Agus-Pulangi revamp, evaluates private bids

Published Nov 28, 2025 02:29 pm
State-run Power Sector Assets and Liabilities Management Corp. (PSALM) is advancing its rehabilitation plans for the aging Agus-Pulangi Hydropower Complex (APHC) in an effort to reclaim more than a third of its lost capacity.
Since the state-run firm opened the call for unsolicited proposals last month, PSALM President and Chief Executive Officer Dennis Dela Serna confirmed the company has received multiple submissions and expressions of interest from private companies.
“At the current stage, we’re conducting our detailed evaluation, as prescribed by the PPP [Public-Private Partnership] Code,” Dela Serna told the Manila Bulletin.
Under the PPP Code (Republic Act No. 11966), PSALM has 90 calendar days to evaluate the proposals and determine negotiation terms with the private entity. The agency is also permitted to select the most competitive or advantageous proposal. Negotiations with the accepted proponent must be completed within 50 calendar days.
“In accordance with the PPP code, we have [until] the first quarter 2026,” Dela Serna said regarding the proposal evaluations.
A source told the Manila Bulletin there were indications of a consortium submission, though the identities of the entities and further details have yet to be revealed.
The APHC consists of seven power plants with a total installed capacity of 1,001 megawatts (MW). However, due to its aging infrastructure, the complex currently delivers only about 600 to 700 MW. This leaves roughly 300 to 400 MW of unavailable or lost capacity.
PSALM is targeting the rehabilitation efforts for completion by 2028.
In a separate move, PSALM earlier this year auctioned the 797-MW Caliraya-Botocan-Kalayaan (CBK) hydropower complex. Thunder Consortium, comprising Aboitiz Renewables Inc., Japan’s Sumitomo Corp., and Electric Power Development Co., won the bidding with a ₱36-billion offer. The consortium anticipates completing the acquisition before the end of 2025.
Separately, the Department of Energy (DOE) reported that national hydropower generation has increased by 22.8 MW in 2024.
The agency expects 323 hydropower plants will contribute to the country’s energy mix, with the majority in pre-development and the rest either in an indicative stage or committed for construction.
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