Aboitiz Power Corporation’s wholly-owned subsidiary, AP Renewables, Inc. (APRI) has paid P12.13 billion to the Power Sector Assets and Liabilities Management Corporation (PSALM) as full payment for the Tiwi-Mak-Ban geothermal facilities, inclusive of accrued interest.

APRI made the payment Friday, ahead of schedule since full payment is not due for seven years.

The firm earlier paid PSALM in May of this year the sum of P8.29 billion representing the 40 percent downpayment to the purchase price stipulated in the Asset Purchase Agreement (APA) as a precondition to the turnover of the Tiwi-Makban geothermal facilities.

The 60 percent balance in the purchase price was supposed to be paid over a period of seven years in 14 equal semi-annual installments under the terms of the APA.

APRI won the competitive bid conducted by PSALM for the sale of the Tiwi-Mak-Ban geothermal facilities on July 30, 2008. The Tiwi-Mak-Ban geothermal facilities have a sustainable capacity of approximately 462 megawatts.

The complex is composed of the 289-MW Tiwi plants in Albay and the 458-MW Mak-Ban facilities in Laguna and Batangas collectively referred to as the ‘‘Tiwi-Makban” geothermal facilities.

The bid for both power facilities covers their generating assets, which were offered on an ‘‘as is, where is” basis, structures and improvements, spare parts, and general plant equipment.