05 Nov 2008
The Power Sector Assets and Liabilities Management (PSALM) Corporation formally opened Wednesday, 05 November, the bidding for the selection of independent power producer administrators (IPPAs) with the publication of the invitation to bid for IPPAs for the coal-fired Sual and Pagbilao plants.
The 1,000-megawatt (MW) Sual power plant in Sual, Pangasinan and the 700-MW Pagbilao plant in Pagbilao, Quezon are both operated by Team Energy under build-operate-transfer contracts that will expire in 2024 and 2025, respectively.
PSALM management decided to launch the IPPA bidding with the Sual and Pagbilao plants because of keen investor interest in these power facilities based on recent fora conducted by PSALM.
The invitation to bid states that interested parties should submit a Letter of Interest to PSALM not later than 5 p.m. of 21 November 2008.
Interested investor groups are also required to pay a non-refundable fee of USD5,000.00 and execute a Confidentiality Agreement and an Undertaking with the government power privatization firm. The deadline for submission of these initial requirements is 24 November 2008.
Qualified investor groups can conduct their due diligence from 11 November until two business days before the bid submission deadline.
The Pre-Bid Conference for prospective bidders is on 12 December 2008 at the PSALM offices in Makati City. The Bid Date is set for 20 February 2009.
Strategic Communications and Partnership Division