Phinma eyes major power plants

The Phinma Group, through Trans-Asia Power Generation Corp., is still eyeing to bid for a number of major power generating assets of the National Power Corp. (Napocor).

Phinma president and CEO Ramon del Rosario Jr. said they are specifically interested in two coal-fired power facilities: the (600-megawatt Calaca in Batangas and 600-MW Masinloc in Zambales.

Del Rosario said they are also trying to acquire bid documents for geothermal power facilities such as the 275-MW Tiwi (Albay) and the 425.7-MW Makiling-Banahaw (Laguna/Batangas).

But despite their enthusiasm to participate in the bidding of these assets, Del Rosario said the privatization of Napocor assets "is quite frustrating."

"The privatization process is delayed quite a bit. This is why we have not made a definite decision which plant to bid for," he said.

The Masinloc power plant, for instance, was won by the YNN Pacific Group but the sale was not consummated after the winning bidder was not able to deliver the downpayment for the power plant.

Calaca, on the other hand, suffered two failed biddings after PSALM’s failure to attach a sufficient supply contract to the power plant.

The Power Sector Assets and Liabilities Management Corp. (PSALM), tasked to handle the privatization of the Napocor assets, has yet to set final schedules for another round of biddings for Masinloc and Calaca.

But Del Rosario said they have originally indicated keen interest on Tiwi-Makban which will sold before the end of this year or early next year.

"Because of the changes in bidding schedules, we may also be looking at Calaca and Masinloc, or one of these plants, whichever is put at the auction block first," he said.

Trans-Asia, runs a 52-MW power plant which supplies all the requirements of Union Cement Corp. in Norzagaray, Bulacan and Bacnotan, La Union – making these plants self-sufficient and fully independent of local suppliers.

The power firm also constructed a 3.4-MW bunker diesel power plant in Guimaras.

Aside from power generation, Phinma also has investments in housing, education, energy, and financial services.