26 Jul 2007
The Power Sector Assets and Liabilities Management Corporation (PSALM) has declared the consortium of Masinloc Power Partners Co. Ltd. as the highest bidder in the auction of the 600-megawatt (MW) Masinloc Coal-Fired Thermal Power Plant that the government power privatization firm held in its Makati office yesterday (26 July 2007).
Masinloc Power posted an offer of USD930 million (USD930,000.000.88) for the Zambales-based power facility, besting the offers of five other competitors that submitted their bids before the 12 noon deadline. All bidders offered bids above the reserve price set by the government. PSALM did not disclose the reserve price.
Masinloc Power is a limited partnership established in the Philippines to invest in, acquire, finance, complete, construct, develop, improve, operate, maintain and hold power production and electric generating facilities in the country. Its parent company is AES Corporation which is listed in the New York Stock Exchange.
PSALM will declare Masinloc Power as the winning bidder as soon as it has verified the accuracy, authenticity and completeness of all the Bid documents that the consortium has submitted.
PSALM will then issue the Notice of Award to Masinloc Power, formally informing the consortium as the winning bidder for the Masinloc plant.
Masinloc was bid out with a transition supply contract covering around 265 MW.
The specific consents of the National Power Corporation's major creditors - the Asian Development Bank, the World Bank, and the Japan Bank for International Cooperation - to the sale of the Masinloc power plant that were obtained by PSALM in 2006 also contributed to the successful sale of the facility.
Of the 31 National Power plants identified for privatization, PSALM has now successfully bid out nine plants. This translates to 1,075.4 MW operating capacity, or 24.8% of the 4,335.70-MW aggregate capacity of all generating plants in Luzon and Visayas.
Strategic Communications and Partnership Division |