La Union LGU takes over Bauang power plant
The Bauang Diesel Power Plant has been officially turned over to the provincial government of La Union, which acquired the plant for P524 million from the Power Sector Assets and Liabilities Management Corp. (PSALM)
PSALM said over the weekend that the turnover covers 92 lots, through a “government-to-government” transaction last 14 August.
“This undertaking is a mutually beneficial activity for PSALM and the Provincial Government of La Union. On the part of the Provincial Government, it will be able to now pursue their provincial development goals and plans relative to this valuable piece of property,” PSALM President and Chief Executive Officer Joy Besido-Garcia said.
“For PSALM, the sale of the property will help us raise much needed revenues to settle our financial obligations assumed from the National Power Corporation.” The Bauang Property is located at Payopoc Sur, Bauang, La Union and has an aggregate area of 261,349.32 square meters.