Mr. Nicanor Escalante (far left), president of the Riverbend Consolidated Mining Corporation, presents to PSALM Corporation Officer-in-Charge and Privatization Bids and Awards Committee Chairperson Lourdes S. Alzona (far right) and presiding officials the legal component of the bid for the Sucat Thermal Power Plant (STPP) on 31 May 2017 at Seda Hotel, Vertis North, Quezon City.
Riverbend bested VPD Trading and G.G. Uy Bonapor Metal Contractor Company after submitting the highest offer amounting PhP305,200,000.00 for the sale of the structures, plant equipment, auxiliaries and accessories of the decommissioned 850-megawatt STPP located in Muntinlupa City.
As the winning bidder, Riverbend is obliged to dismantle, clean-up and remediate the STPP site which means that it shall return the current site to ground zero free and clear of wastes, toxic substances, debris and structures.
The sale of the STPP is the first major privatization accomplishment of PSALM in CY 2017.Back