22 Sep 2008
The Power Sector Assets and Liabilities Management Corporation (PSALM) today (22 September 2008) reopened the sale of the 620-megawatt (MW) Limay Combined Cycle Power Plant through its publication of the Invitation to Bid (ITB) in the country's major newspapers.
The ITB, which will be published until Wednesday, 24 September 2008, requires interested parties to submit a Letter of Interest not later than 5 p.m. of 07 October 2008.
Interested investor groups are also required to execute a Confidentiality Agreement and Undertaking with PSALM, and to pay a non-refundable amount of USD2,000 as their participation fee. The deadline for submission of these preliminary requirements is on 08 October 2008, while the Due Diligence period will be held from 22 September 2008 to 12 January 2009.
The government power privatization firm will hold the Limay Pre-bid Conference for qualified participants on 17 October 2008.
PSALM will bid out the Bataan-based power asset on 14 January 2009.
The PSALM Board previously declared the initial sale of the 620-MW Limay power facility a failure after it was left with only one interested bidder who submitted the Documentary Deliverables before the deadline. In PSALM's bidding rules, the bidding for a power plant is considered failed if there is only one participant in the exercise.
Commissioned in 1993, the Limay power plant comprises two 310-MW modules, Blocks A and B, which consist of three 70-MW gas turbines and a 100-MW steam turbine, respectively. Located in Limay, Bataan in Central Luzon, or approximately 145 kilometers west of Manila, the plant is designed to meet the base-load demand of the Luzon grid.
Strategic Communications and Partnership Division