SMC unit submits highest bid to manage power plant

MANILA, Philippines - Strategic Power Development Corp. (SPDC), a unit of San Miguel Corp. (SMC), yesterday submitted the highest bid of $450 million to manage the 343-megawatt San Roque hydro power plant, the Power Sector Assets and Liabilities Management Corp. (PSALM) said.

In a bidding that ended 8 p.m. yesterday, PSALM said SPDC outbid Trans-Asia Oil and Energy Development Corp. which offered $423.956 million and Pacifica Inc. which tendered $285.837 million.

SMC has been aggressively bidding for contracts to manage power plants since it decided to venture into the power business a few years ago.

The San Miguel group already won the contract to run the 620-megawatt Sual coal-fired power plant and the 1,000- megawatt Limay diesel power plant.

Amlan Power Holdings Corp., meanwhile submitted the highest bid of $145.473 million for the combined 70-megawatt Bakun hydroelectric power plant and 30-MW Benguet Mini-Hydro power plants.

Amlan bested Pacifica Inc. which tendered $100 million, First Gen Northern Energy Corp. which offered $73.010 million, Trans-Asia which bid $36.338 million and San Miguel which offered $36 million.

Amlan is composed of the consortium of local investors Sta. Clara Power Corp. and Vivant and ICS Renewables.

Aboitiz Group was disqualified from the bidding because of late submission of bid and is still appealing its case as of press time.