07 Aug 2008
Three investor groups are keen on acquiring the 114-megawatt (MW) Iligan I & II Diesel Power Plant (IDPP 1&2) complex, the Power Sector Assets and Liabilities Management Corporation (PSALM) recently disclosed.
The three interested parties, which have all completed the preliminary requirements for the bidding, attended the Pre-bid Conference that PSALM organized at its main office in Makati City last week. The conference, which was presided by PSALM President and Chief Executive Officer Jose C. Ibazeta and Vice President for Asset Management and Electricity Trading Froilan A. Tampinco, discussed and clarified issues raised by the bidders on the Bidding Procedures.
While the sale of IDPP 1&2 will not form part of the 70% privatization threshold required by the Electric Power Industry Reform Act as one of the preconditions for the implementation of open access and retail competition, PSALM stressed the importance of the bidding, especially for Mindanao, which is experiencing a tightening power supply.
The three bidders, consisting of local entities, are currently conducting their respective due diligence to assess and appraise the Mindanao-based power asset.
PSALM has set 15 October 2008 as the date for the IDPP 1&2 bidding.
Situated in the locality of Mapalad, Dalipuga in Iligan City, approximately 74 kilometers southwest of Cagayan de Oro City, the IDPP 1&2 complex runs on Bunker C and/or diesel fuel types for its start-up and shutdown operations. Both units were commissioned in 1993.
Strategic Communications and Partnership Division