3 groups keen on Naga plant rebidding

12 Sep 2013

The second round of bidding for the sale of the Naga Power Plant has attracted three (3) investor groups, the Power Sector Assets and Liabilities Management (PSALM) Corporation reported.

PSALM said that SPC Power Corporation, Therma Power Visayas Inc., and RD Corporation - prospective buyers of the Naga power facility - attended the Pre-Bid Conference it conducted today (12 September 2013) at the PSALM Office in Makati City.

"We thank all the interested parties for responding to our call for a new round of bidding for this particular asset package. With your help, we hope to successfully privatize the Naga plant this year," PSALM President and Chief Executive Officer Emmanuel R. Ledesma, Jr. said.

PSALM has scheduled the bidding for the Visayas-based power facility on 15 October 2013, with the deadline for the submission of bids set at exactly 12 noon.

PSALM also confirmed that all interested parties had completed the initial requirements of the bid. These are the submission of a Letter of Interest not later than 5:00 p.m. of 04 September 2013; the payment of a nonrefundable participation fee of PhP120,000; and the execution and submission of a Confidentiality Agreement and Undertaking with PSALM not later than 5:00 p.m. of 06 September 2013.

Located in Colon, Naga City, Cebu, the Naga Power Plant consists of two (2) thermal power plants and one (1) diesel-fired power plant that use a combination of coal, bunker C oil, and diesel as fuel. These are the 52.5-MW Cebu 1 and 56.8-MW Cebu 2 coal-fired thermal power plants, and the 43.8-MW Cebu Diesel Power Plant 1 composed of six (6) 7.3-MW bunker-C fed power units.

Strategic Communications and Partnership Division
Tel. No. (632) 9029067