Filinvest unit tops bidding for Mt Apo geothermal plants

MANILA, Philippines - FDC Misamis Power Corp. a power unit of the Gutianum familys Filinvest Development Corp., topped the bidding conducted by the Power Sector Assets and Liabilities Management Corp. (PSALM) for the selection of the independent power Producer Administrator (IPPA) for the output of Mindanao I and II (Mt. Apo 1 and 2) geothermal power plants.

In a text message, PSALM president and chief executive officer Emmanuel Ledesma, Jr. said FDC Misamis offered P128 million in monthly payment for he first IPPA section in Mindanao.

The amount  is higher than the P50 million submitted by the only other bidder, SMC Global Power Holdings Corp. of diversified conglomerate San Miguel Corp.

Ledesma said only FDC Misamis met the reserve price set by the PSALM Board for the bidding.

He also said PSALM would still verify the accuracy, authenticity and completeness of the documents submitted by FDC Misamis, including the manager’s check and its full compliance with the procedures before it can issue a notice of award and declare the company as the winning bidder.

PSALM officially launched the Mt. Apo IPPA auction in May 2014.

According to PSALM, the Mt. Apo 1 and Mt. Apo 2 geothermal power plants have a rated capacity of 54.24 megawatts each and are located in Kidapawan City, North Cotabato.

The plants are owned and operated by the Energy Development Corp., the Lopez-owned geothermal company, and were commissioned in February 1997 (Mt. Apo 1) and in June 1999 (Mt. Apo 2) under a build, operate, and own contract scheme.

The cooperation perio in June 2024 for Mt. Apo 1 and 2, respectively.