14 May 2008
The Power Sector Assets and Liabilities Management Corporation (PSALM) has moved the bidding for the 289-megawatt (MW) Tiwi Geothermal Power Plant located in Tiwi, Albay and the 458.53-MW MakBan Geothermal Power Plant situated in Laguna and Batangas provinces to 27 June this year.
PSALM decided to extend the bid submission deadline for the Tiwi-MakBan geothermal complex to heed the request of the nine prospective bidders for more time to complete their deliverables, including conducting their due diligence. The bidding was originally slated on 04 June.
In its Supplemental Bid Bulletin No. 3 dated 06 May 2008, PSALM stated that the submission of documentary deliverables was also extended by another week to give foreign bidders more time to secure their authenticated documents from the Philippine consular offices abroad. The bidders are expected to submit their respective documentary deliverables this week.
The issuance of the supplemental bid bulletin to the prospective bidders formalizes the changes, modifications and amendments made in the bidding schedule.
PSALM is confident of gaining the full support and participation of the qualified bidders in the upcoming bidding exercise after it allocated more than 400-MW of power supply contracts to the sale of the Tiwi-MakBan power facilities. This will provide the new owner a ready market for the electricity that the power complex will generate.
With the expected sale of the Tiwi-MakBan geothermal complex, PSALM hopes to reach a significant output that will bring it closer to the 70% privatization target for the generating assets of the National Power Corporation in Luzon and the Visayas to fulfil one of the preconditions for implementing open access and retail competition in the Philippine electricity industry.
Strategic Communications and Partnership Division |