SBMA approves P750-M lease, revenue shares for power firm

THE Subic Bay Metropolitan Authority (SBMA) recently approved a total of P750 million in lease and revenue shares for One Subic Power Generation Corporation, which operates the 116-megawatt diesel generator plant here for a lease extension agreement of 10 years.

The power firm, a wholly-owned subsidiary of Phinma Energy Corporation, initially committed $3.2 million worth of investments and five per cent variable gross revenue shares (GRS) when it took over the diesel plant in 2011.

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