PSALM resets Cebu power plant bidding to Oct 30

MANILA, Philippines - The bidding for the 153.1-megawatt Naga Power Plant in Cebu has been rescheduled to Oct. 30, the Power Sector Assets and Liabilities Management Corp. (PSALM) said.

“Rebidding for the Naga privatization is rescheduled on Oct. 30,” said PSALM president and chief executive officer Emmanuel Ledesma Jr.

PSALM targeted to rebid the Naga facility on Oct. 15 after a failed attempt to sell the plant last July.

Three investor groups have expressed interest in bidding for the power asset.

PSALM, the government corporation tasked to manage and handle state-owned power assets, said the second round of bidding drew the interest of SPC Power Corp., Therma Power Visayas Inc., and RD Corp.

Representatives from the companies attended a pre-bid conference for the sale of the facility.

All three interested groups have completed the initial requirements of the bid including the submission of a letter of interest, the payment of a non-refundable participation fee of P120,000 and the execution and submission of a confidentiality agreement and undertaking with PSALM.

Previously, four groups expressed interest in the Naga Power Plant, which PSALM tried but failed to sell in July. These are DMCI Holdings Inc., the Aboitiz Group, D.M. Wenceslao and SPC Power Corp.

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.