Mothballed Sucat plant attracts 10 potential bids

MANILA, Philippines - Ten companies, including two foreign firms, have shown interest in the sale of the decommissioned 850-megawatt (MW) Sucat thermal power plant (STPP) in Muntilupa City, state-run Power Sector Assets and Liabilities Management Corp. (PSALM) said yesterday.

The firm said the companies participated in the pre-bid conference held last Nov. 27 for the second round of bidding for the structures, plant equipment, auxiliaries and accessories of the Sucat plant.

However, the number was trimmed down from the 12 prospective bidders that submitted letters of intent (LOI) prior to the pre-bid conference.

“PSALM is pleased with the interest shown by investors in this privatization activity, which is among the highly participated disposal initiatives of the corporation. It has attracted 12 prospective bidders, two of which are foreign companies,” PSALM acting vice president and general counsel Cecilio B. Gellada Jr. said.

Proceeds from the STPP transaction would be used to contribute to liquidating the financial obligations it assumed from the National Power Corp. (Napocor), the firm said.

As for the bidding process, Gellada assured the participants it would be efficient, fair and transparent.

PSALM is selling all plant equipment, structures, auxiliaries and accessories of the STPP on an “as is, where is” basis, with bidding set on Feb. 17, 2016.