MANILA, Philippines — State-run Power Sector Assets and Liabilities Management Corp. (PSALM) has commenced with the privatization of the Casecnan hydroelectric power plant in Nueva Ecija.
PSALM published yesterday an invitation to interested parties to bid for the privatization of the 165-megawatt (MW) Casecnan hydroelectric power plant.
PSALM said the assets are being privatized on an “as is, where is” basis.
Interested parties are directed to first submit a letter of interest to PSALM’s privatization bids and awards committee not later than Nov. 18.
PSALM said only interested parties that submit a letter of interest would be allowed to participate in the privatization activities.
Bid submission deadline is set on Feb. 24 next year.
Casecnan, which is combined irrigation and power generation project, was turned over to the government last year after the 20-year build-operate-transfer scheme between the CE Casecnan Water and Energy Co. Inc. and the National Irrigation Administration (NIA) officially ceased on Dec. 11, 2021.
It was placed under the co-ownership of PSALM and NIA, which represent the government’s interest at 60 percent and 40 percent, respectively.
PSALM last year also contracted through a competitive bidding PricewaterhouseCoopers (PwC) Philippines to work on the third-party valuation, which will become the basis for the minimum bid price when the plant is privatized.