24 Feb 2014
The Power Sector Assets and Liabilities Management (PSALM) Corporation reported that all the four (4) prospective bidders of the third round of bidding for the 153.1-megawatt (MW) Naga Power Plant attended the Pre-Bid Conference that PSALM conducted today (24 February 2014).
PSALM President and Chief Executive Officer Emmanuel R. Ledesma, Jr. said AC Energy Holdings, Inc.; SPC Power Corporation; Therma Power Visayas, Inc.; and Trans-Asia Oil and Energy Development Corporation consisted the four (4) Filipino companies who attended the pre-bidding activity and are looking to acquire the Cebu-based power facility.
Mr. Ledesma previously reported that all investor groups had completed PSALM's initial bidding requirements, namely: the submission of a Letter of Interest and payment of the PhP120,000.00 nonrefundable participation fee on or before 14 February 2014, and the execution of a Confidentiality Agreement and Undertaking with PSALM on or before 17 February 2014.
Mr. Ledesma noted that "despite being twice shy in its previous sale attempts, PSALM is nonetheless unmoved and is diligently pursuing this sale process, consistent with its privatization mandate."
"Recognizing the communal role of the private sector and government in fostering investments in the country, we gather here today to walk you through our processes and requirements, and gather your suggestions and comments on how we can successfully push through with this bid," Mr. Ledesma added.
PSALM has scheduled the submission of bids for the Naga Power Plant on 31 March 2014 at 12:00 noon, with the opening and evaluation of bids commencing thereafter.
The Naga Power Plant - situated in Colon, Naga City, Cebu - 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 |