MANILA - AP Renewables Inc., a subsidiary of Aboitiz Power Corp., has given state-owned Power Sector Assets and Liabilities Management Corp. (PSALM) the sum of P12 billion as full payment for the Tiwi-Makban geothermal power complex.

The payment included accrued interest.

AP Renewables earlier paid PSALM P8.29 billion, representing the 40% downpayment to Tiwi-Makban's purchase price and a precondition to the turnover of the power complex. The 60% balance was supposed to be paid over a 7-year period in 14 equal semi-annual installments.

Tiwi-Makban is composed of the 289-megawatt (MW) Tiwi plants in Albay and the 458-MW Makban facilities in Laguna and Batangas.

In July last year, AP Renewables won the competitive bidding for the geothermal facilities, which have a sustainable capacity of approximately 462 MW.