MANILA, Philippines - Four Filipino investor groups have expressed interest in the third round of bidding for the sale of the 153.1-megawatt Naga Power Plant in Cebu, the Power Sector Assets and Liabilities Management Corp. (PSALM) said yesterday.
PSALM, the government corporation tasked to privatize state-owned power assets, is attempting to sell for the third time the power plant after two failed biddings.
“The third round of bidding for the sale of the 153.1-megawatt (MW) Naga Power Plant has drawn the interest of four investor groups,” said PSALM president and chief executive officer Emmanuel R. Ledesma Jr.
Ledesma made the announcement following the lapse of the deadline for the initial requirements such as the submission of a Letter of Interest and payment of the P120,000 non-refundable participation fee on Feb. 14.
The deadline for the execution of a confidentiality agreement and undertaking with PSALM on Feb. 17 had likewise lapsed.
“The interested parties for this bid are all Filipino companies with various interests in the local energy industry, and all four groups have completed the initial requirements,” Ledesma said.
PSALM is scheduled to hold the pre-bid conference for the Naga power facility on February 24, 2 p.m. at the PSALM office along Ayala while the deadline for the submission of bids is on March 31.
This is the government corporation’s first attempt to sell the Cebu-based facility for the year after two failed attempts last year.
In July last year, only one bidder submitted pre-bid documentary requirements while the second round of bidding held in November also failed because only bidder submitted a bid.
Located in Colon, Naga City, Cebu, the Naga Power Plant consists of two thermal power plants and one diesel-fired power plant that use a combination of coal, bunker oil, and diesel as fuel.
These plants are the 52.5-MW Cebu 1 and 56.8-MW Cebu two coal-fired thermal power plants, and the 43.8-MW Cebu Diesel Power Plant 1 composed of six 7.3-MW bunker oil power units.