PSALM closes bidding for Sucat power plant

MANILA, Philippines - The Power Sector Assets and Liabilities Management Corp. (PSALM), the government agency tasked to manage state-owned power assets, has closed the bidding for the 850-megawatt Sucat Thermal Power Plant in Muntinlupa City.

Genetron International Marketing emerged as the highest bidder in the sale of the decommissioned power facility after it submitted the highest offer of P602 million against two other competitors, Sta. Clara international Corp. and VPD Trading, PSALM president and chief executive officer Emmanuel Ledesma, Jr. said yesterday.

“Sta. Clara submitted a bid of P561 million for the Metro Manila-based decommissioned power facility, while VPD submitted a bid of P482 million,” Ledesma said.

Originally, there were four bidders that submitted bids prior to the deadline but the technical and eligibility documents of the fourth bidder did not pass the standards and thus, was no longer qualified to proceed with the opening of its financial envelope.

“All three bids submitted exceeded the reserve price set by the PSALM board for the asset package,” he said.

PSALM will complete the confirmation and verification process of the documents submitted before it declares the winning bidder at a later date in accordance with the bidding procedures, Ledesma added.

Previously owned by Manila Electric Co. (Meralco) and later acquired by the National Power Corp. (Napocor) in November 1978, the plant consists of Unit 1, which has a rated capacity of 150 MW; Units 2 and 3, each with 200 MW; and Unit 4, which is rated at 300 MW.

Formerly known as the Gardner Snyder Thermal Plant, the plant officially commenced commercial operations in 1968 with the completion of Unit 1.

Units 2 to 4 followed operations after their construction in 1970, 1971 and 1972, respectively.

In January 2000, Units 1 and 4 were decommissioned and placed under preservation.  Units 2 and 3 followed in January 2002.