The parties will form a special purpose company (SPC), where San Miguel and the Lopez will own a 60% stake, while K-Water will hold the remaining 40%.
In April 2010, K-Water had won the contract to operate and manage the Angat plant located at San Lorenzo in Bulacan, Philippines.
The Angat plant has four main units, each with a 50MW capacity that had been commissioned between 1967 and 1968. The plant also has five auxiliary units.
K-Water and San Miguel have already entered into an agreement to undertake the administration, rehabilitation, operation and management of the Angat hydro power plant.
San Miguel would be responsible for managing the plant, while K-Water would operate and maintain the plant.
