Investors flock to PSALM to check power assets

As sizable number of potential investors flocked to the Power Sector Assets and Liabilities Management Corp. (PSALM) office in Makati City last week to look at several power assets to be put on the auction block.

A total of 15 investor groups are seeking to acquire five power assets to be privatized, PSALM said.

Three investor groups have lined up to participate in the second round of bidding for the 0.8-megawatt (MW) Amlan power facility.

The seven groups, on the other hand are eyeing the decommissioned 108-MW Aplaya and 22.3-MW Gen. Santos diesel power plant package .

The pre-bid conference for the Panay and Bohol power assets was likewise successful, with five investor groups wanting a shot at the generating 146.5-MW Panay and 22-MW Bohol diesel power complex.

All the 15 investor groups (three for Amlan, seven for Aplaya-Gen. Santos, and five for Panay-Bohol) satisfied the preliminary requirements of PSALM, the state-run asset manager said.

The decommissioned Aplaya-Gen. Santos and the Panay-Bohol and Amlan power facilities are the last assets in PSALM’s auction list this year.

PSALM will bid out the Panay-Bohol power plant package on Nov. 12 and the Aplaya-Gen. Santos power complex two day later.

The bid date for the Amlan hydropower facility is set on Dec. 10.

Earlier, PSALM said it has re-opened the bidding for the 620-MW Limay combined cycle power plant after it failed to sell the plant last June.

Submission for letters of interest is open up to Oct. 7 this year.

Interested investor groups are also required to execute a confidentiality agreement and undertaking with PSALM, and to pay a non-refundable amount of $2,000 as participation fee. The deadline for submission of these preliminary requirements is on Oct. 8, while the due diligence period will be held from Sept. 22 to Jan. 12, 2009.

The government power privatization firm will hold the Limay pre-bid conference for qualified participants on Oct. 17.

PSALM will bid out the Bataan-based power asset on Jan. 14, 2009.