San Roque Power Corporation

Also known as: SRPC — the corporate abbreviation · The San Roque BOT company — the build-operate-transfer styling · The San Roque Multipurpose Project power operator — the functional styling · San Roque Power — the short corporate form

Business

Definition

San Roque Power Corporation (SRPC) is the Philippine special-purpose company, incorporated in the Philippines in October 1997, that financed, built, and operates the power generating facilities of the San Roque Multipurpose Project — the 345-megawatt hydroelectric plant at the San Roque Dam on the Agno River in Pangasinan — under a build-operate-transfer arrangement with the National Power Corporation (NAPOCOR). (San Roque Power Corporation — About SRPC (archived), Wikipedia — San Roque Dam (Philippines)) SRPC financed and constructed the project at a cost of about US$1.19 billion between 1998 and 2003 and sells the output to NAPOCOR under a power purchase agreement; ownership of the dam and spillway passed to NAPOCOR at completion, while SRPC owns and operates the generating facilities for twenty-five years, after which they transfer to NAPOCOR. (Wikipedia — San Roque Dam (Philippines)) Company register; neutral.

The company was constituted as a three-part international consortium. In its construction-era disclosure, SRPC’s economic interests were held 50.05 percent by Sithe Philippines Holdings, Inc. — an indirect subsidiary of Sithe Energies, Inc. of New York — 42.45 percent by Marubeni Corporation of Japan, and 7.50 percent by KPIC Singapore Pte Ltd., an indirect wholly owned subsidiary of The Kansai Electric Power Co., Inc. of Japan. (San Roque Power Corporation — About SRPC (2001, archived)) By the site’s 2006–2007 posting the percentages stood unchanged but the parentage had shifted: Sithe Philippines Holdings was now “an indirect subsidiary of Marubeni Corporation,” and the Kansai vehicle had become KPIC Netherlands B.V. — the American lead sponsor having passed under its Japanese partner. (San Roque Power Corporation — About SRPC (2007, archived)) Reporting during the 2009 flood controversy framed the same structure as SRPC “owned by Marubeni Corp. (75%) and Kansai Electric Power (25%).” (GMA News — Suits mulled vs San Roque dam operators (archived))

Identities

Source Type	Identity
Wikipedia	N/A — no standalone article (existence check verified this session); the company is documented within the San Roque Dam (Philippines) article
Wikidata	N/A — no matching entity (search verified this session)
DBpedia	N/A — no resource (label query on the SPARQL endpoint returned no match)
ProductOntology	N/A
Wiktionary	N/A
Library of Congress Subject Headings (LCSH)	N/A
MeSH	N/A
NCBI Taxonomy	N/A
AGROVOC	N/A
Google Scholar	San Roque Power Corporation SRPC San Roque Dam build-operate-transfer Marubeni Sithe Energies Kansai Electric KPIC NAPOCOR power purchase agreement 345 MW Agno River Pangasinan independent power producer Philippines
ConceptNet	N/A
OpenCyc	N/A

Also Known As

SRPC — the corporate abbreviation
The San Roque BOT company — the build-operate-transfer styling
The San Roque Multipurpose Project power operator — the functional styling
San Roque Power — the short corporate form

Examples and Analogies

A special-purpose vehicle for a single dam: SRPC is the classic BOT creature — one company, one project, incorporated October 1997 solely to own the San Roque power facilities — so the company’s history and the plant’s are the same history told twice. (San Roque Power Corporation — About SRPC (2007, archived))
A public dam with a private powerhouse: NAPOCOR took the dam and spillway at completion while SRPC kept the turbines for twenty-five years — a landlord-tenant split in which structural safety sits with the state and power commerce with the consortium, the arrangement this wiki’s San Roque Dam entry documents. (Wikipedia — San Roque Dam (Philippines))
Three flags over one project: the American developer (Sithe), the Japanese trading house (Marubeni), and the Japanese utility (Kansai Electric, through KPIC) held the equity in a 50.05–42.45–7.5 split — and the American share later passed under Marubeni, converting the American-led consortium into a Japanese joint venture without changing the percentages. (San Roque Power Corporation — About SRPC (2001, archived), San Roque Power Corporation — About SRPC (2007, archived))
Verified corporate and project data:
Incorporation: October 1997, Philippines, under the Corporation Code and the Foreign Investments Act of 1991 (San Roque Power Corporation — About SRPC (2001, archived))
Shareholders (construction era): Sithe Philippines Holdings, Inc. 50.05%; Marubeni Corporation 42.45%; KPIC Singapore Pte Ltd. 7.50%, under Kansai Electric Power (San Roque Power Corporation — About SRPC (2001, archived))
Shareholders (2006–07 posting): same economic split; SPHI now an indirect subsidiary of Marubeni; KPIC Netherlands B.V. the Kansai vehicle (San Roque Power Corporation — About SRPC (2007, archived))
Plant: installed capacity 345 MW, peaking operation, roughly 1,000 GWh/year; substantial completion midnight February 14, 2003; cost about US$1.19 billion; construction from 1998 (Wikipedia — San Roque Dam (Philippines), San Roque Power Corporation — Features of SRMP (archived))

Usage Scenarios

1. Operating Peaking Power for the Luzon Grid

SRPC runs the plant as a peaking station: the project’s own operations pages describe an installed capacity of 345 MW delivering roughly 1,000 GWh a year of renewable peaking energy, with 85 MW dependable even in extreme drought, transmitted over a 9-kilometer 230-kV line to the San Manuel substation. (San Roque Power Corporation — Features of SRMP (archived))

2. Managing a Multi-Purpose Reservoir for Others

The company’s operation is embedded in the state’s water machinery: NAPOCOR and PAGASA’s flood-forecasting system for dam operations dictates release volumes, specifying spillway-gate openings to SRPC on meteorological and flow-gauge data — the operator executes the reservoir rules rather than setting them. (San Roque Power Corporation — Features of SRMP (archived))

3. Studying the Philippine BOT/IPP Era

The company is a case study in the private-power finance of the 1990s: special-purpose incorporation (1997), construction (1998–2003), a billion-dollar-plus cost, a power purchase agreement with the state utility, and a fixed 25-year operation period before transfer — the BOT template applied to the country’s largest private hydro project. (Wikipedia — San Roque Dam (Philippines), San Roque Power Corporation — About SRPC (2007, archived))

Strategies

Special-purpose incorporation: one company for one project, with risks and financing ring-fenced in SRPC — the standard BOT structure that gave lenders a clean entity and NAPOCOR a single counterparty. (San Roque Power Corporation — About SRPC (2001, archived))
Split the asset, not the operation: transferring the dam and spillway to NAPOCOR at completion while retaining the generating facilities kept public ownership of the flood-control structure and private accountability for the power plant. (Wikipedia — San Roque Dam (Philippines))
Consortium with complementary roles: developer (Sithe), trading house and contractor-side equity (Marubeni), and operating utility (Kansai Electric) — each partner contributing the competence its flag denotes. (San Roque Power Corporation — About SRPC (2001, archived))
Operate inside the state’s water rules: accepting NAPOCOR-PAGASA direction of releases integrates the power plant into the flood-control and irrigation purposes the reservoir must serve first. (San Roque Power Corporation — Features of SRMP (archived))

Security and Safety Measures

Spillway capacity above record floods: the gated spillway’s design discharge of 13,000 cubic meters per second for the probable maximum flood exceeds any recorded Agno flood — the safety margin NAPOCOR’s specifications carry. (National Power Corporation — San Roque Dam)
Protocol-directed releases: the company’s operating discipline runs on the NAPOCOR-PAGASA flood-forecasting system, with redundant communications transmitting data to the dam and specifying gate openings. (San Roque Power Corporation — Features of SRMP (archived))
The 2009 accountability test: during Typhoon Pepeng (October 2009) releases contributed to flooding across 38 towns and three cities of northern Luzon; Pangasinan’s governor and Senator Francis Escudero proposed class suits against the operators, AGHAM demanded accountability for late warnings, and NAPOCOR answered that gates had opened progressively from October 6 at elevation 268.25 meters — the controversy this wiki’s San Roque Dam entry documents in full. (GMA News — Suits mulled vs San Roque dam operators (archived))
For researchers: SRPC’s own web presence has lapsed — the project site sanroquedam.ph is unreachable and srpc.com.ph serves a parked page as of this writing — so the verified record rests on the company’s archived disclosures, NAPOCOR’s live dam-status pages, and the standard reference; present-day cap-table detail should be sought at the SEC. (San Roque Power Corporation — About SRPC (2001, archived), National Power Corporation — San Roque Dam)

Historical Context

SRPC was incorporated in October 1997 as the San Roque Multipurpose Project’s private vehicle, in the late-1990s wave of BOT power projects that followed the power-crisis years and the Build-Operate-Transfer framework’s expansion. The consortium’s construction-era record named the partners: Sithe Philippines Holdings under Sithe Energies of New York at 50.05 percent, Marubeni at 42.45 percent, and Kansai Electric’s KPIC Singapore at 7.50 percent. (San Roque Power Corporation — About SRPC (2001, archived)) Construction ran from 1998; the dam and spillway were finished by mid-2002; substantial completion was declared at midnight on February 14, 2003; and the project opened on May 1, 2003 at about US$1.19 billion, the dam and spillway passing to NAPOCOR and SRPC keeping the power facilities for its 25-year term. (Wikipedia — San Roque Dam (Philippines))

The operating decades brought the ownership succession and the public crisis. By the company’s 2006–2007 posting, Sithe Philippines Holdings had become an indirect subsidiary of Marubeni — the American developer’s exit executed through the holding company rather than a sale of the plant — and KPIC had redomiciled as KPIC Netherlands B.V.; the 2009 reporting summarized the result as Marubeni at 75 percent and Kansai Electric at 25 percent. (San Roque Power Corporation — About SRPC (2007, archived), GMA News — Suits mulled vs San Roque dam operators (archived)) Typhoon Pepeng in October 2009 made SRPC a national name in the worst way: releases of up to nearly 6,000 cubic meters per second against dike capacities near 4,000 contributed to the flooding of northern Luzon, dikes at Rosales and Villasis collapsed, and the class-suit threats that followed fixed the accountability questions of the split BOT structure. (GMA News — Suits mulled vs San Roque dam operators (archived)) NAPOCOR’s dam-status pages continue to list San Roque among the operating dams with current elevations and gate discharges, and the plant continues under the BOT term that transfers the generating facilities to NAPOCOR at its close. (National Power Corporation — San Roque Dam, Wikipedia — San Roque Dam (Philippines))

Challenges and Controversies

The 2009 Pepeng Release Controversy

The October 2009 releases are the company’s defining public controversy: Governor Amado Espino Jr. spoke of “some neglect,” Senator Escudero organized a class-suit effort citing civil and criminal liability for inadequate warning, AGHAM’s chair argued operators should be held accountable for letting water rise before releasing “suddenly without adequate warning,” and NAPOCOR’s manager answered that the protocol had been followed with progressive gate openings from October 6. A DOST undersecretary acknowledged releases worsened flooding but called inundation unavoidable given rainfall of 200–675 millimeters in 24 hours. (GMA News — Suits mulled vs San Roque dam operators (archived))

Split Accountability Under the BOT Structure

Because NAPOCOR owns the dam and spillway while SRPC operates the powerhouse, responsibility for reservoir operation, warning, and structural safety is deliberately distributed — the arrangement whose ambiguity the 2009 litigation proposals publicized, and which this wiki’s San Roque Dam entry treats as a standing tension rather than a resolved question. (Wikipedia — San Roque Dam (Philippines), GMA News — Suits mulled vs San Roque dam operators (archived))

The Ownership Succession’s Documentation Gap

The Sithe-to-Marubeni succession is documented by the company’s own before-and-after pages rather than by a dated public transaction record, and the 2009 press shorthand (75/25) differs from the company’s own 50.05/42.45/7.5 with SPHI under Marubeni. This entry reports both formulations with their sources and flags the present-day cap table as unresearched from primary filings this session. (San Roque Power Corporation — About SRPC (2001, archived), San Roque Power Corporation — About SRPC (2007, archived), GMA News — Suits mulled vs San Roque dam operators (archived))