Sale of Naga Complex draws five interested parties

03 Jun 2013

With the lapse of the deadline for the submission of the initial requirements, the Power Sector Assets and Liabilities Management (PSALM) Corporation reported a total of five investor groups eyeing the Naga Power Plant Complex (NPPC).

"We welcome the five local investor groups who submitted the initial requirements for the NPPC bid, which is the first power asset that PSALM has lined up for privatization this year," PSALM President and Chief Executive Officer Emmanuel R. Ledesma, Jr. said.

As announced in a published Invitation to Bid, PSALM requires interested parties to submit a Letter of Interest and pay a non-refundable participation fee of PhP120,000 not later than 5 p.m. of 27 May 2013, and execute and submit a Confidentiality Agreement and Undertaking on or before 5 p.m. of 29 May 2013. PSALM said all five groups have satisfied these initial requirements prior to their respective deadlines.

Mr. Ledesma reiterated that PSALM will hold the pre-bid conference at its Makati City office on 05 June 2013 at 2 p.m., as scheduled, to discuss the bidding procedures and other issues and concerns that the prospective bidders may have regarding the NPPC sale.

The bid submission deadline for the NPPC auction is on 24 July 2013 at exactly 12 noon, after which the opening and evaluation of bids would be conducted.

"To our prospective bidders, thank you for your participation in and support for our asset privatization program, and we wish you the best of luck in this bid," Mr. Ledesma added.

Located in Barangay Colon, Naga City, Cebu, the NPPC consists of two (2) thermal power plants and one (1) diesel power plant that use a combination of coal, bunker C oil, and diesel as fuel. These are the coal-fired Cebu Thermal Power Plants 1 and 2, with rated capacities of 52.5 MW and 56.8 MW, respectively; and the Cebu Diesel Power Plant 1 - consisting of six (6) 7.3-MW diesel-fed power units - which has a total rated capacity of 43.8 MW.

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