Steag State Power and Phividec sign agreement for settlement of Real Property Taxes

December 3, 2012

Steag State Power, the owner and operator of the 230MW coal fired power plant in Mindanao, signed recently a Memorandum of Agreement with the Phividec Industrial Estate Authority to settle the issue on outstanding and future real property taxes for the said power plant.

The signing was led by Phividec Administrator Leo Magno and Steag State Power President, Dr. Bodo Goerlich and witnessed by representatives of the Department of Finance, Department of Foreign Affairs, the Power Sector Assets and Liabilities Management (PSALM) Corporation and the Embassy of Germany.

PJS Law acts as advisor to Steag State Power.