MANILA, Philippines - State-run Power Sector Assets and Liabilities Management Corp. (PSALM) has started the rebidding process for the decommissioned 850-megawatt (MW) Sucat thermal power plant in Muntinlupa City.
In a bid bulletin published yesterday, PSALM said interested bidders may now submit letters of intent (LOI) until Nov. 23 for the privatization of the Sucat facility.
“Interested parties must submit a letter of intent stating their full name, address, telephone and fax number, name of the principal contact, and signed by an authorized representative,” the bid bulletin read.
Furthermore, to be eligible to participate in the bidding process, PSALM said these parties are also directed to pay a participation fee amounting to P100,000 and execute a confidentiality agreement and undertaking.
PSALM, the government agency tasked to manage state-owned power assets, has set a pre-bid conference on Nov. 24 and bid submission deadline on Feb. 17, 2016.
Bidders are required to post a bid security of P15 million.
Once PSALM receives pertinent requirements for the sale of the asset, it will conduct due diligence starting Nov. 15 until two business days prior to the Feb. 17 deadline.
“Interested parties who were disqualified from participating in PSALM’s bidding activities by reason of fraudulent acts or who committed fraud or breach in the provisions of any agreement with PSALM are disqualified from participating in this bidding,” it noted.
PSALM decided to rebid the Sucat thermal power plant after the auction in 2014 failed due to allegations of fake documents submitted by the highest bidder.