31 Mar 2014
Genetron International Marketing has emerged as the highest bidder in the sale of the decommissioned 850-megawatt (MW) Sucat Thermal Power Plant, the Power Sector Assets and Liabilities Management (PSALM) Corporation has reported on Monday (31 March 2014) after closing the bidding in its Makati City office.
PSALM President and Chief Executive Officer Emmanuel R. Ledesma, Jr. said that Genetron submitted the highest offer of PhP602 million as against two (2) other competitors, namely: Sta. Clara International Corporation and VPD Trading.
"Sta. Clara submitted a bid of PhP561 million for the Metro Manila-based decommissioned power facility, while VPD submitted a bid of PhP482 million," Mr. Ledesma specified.
While there were four (4) bidders that submitted bids prior to the deadline, the technical and eligibility documents of the fourth bidder was rated as failed, and was thus no longer qualified to proceed with the opening of its financial envelope.
"All three bids submitted exceeded the Reserve Price set by the PSALM Board for the asset package," Mr. Ledesma added.
"Subject to the confirmation and verification of the accuracy, authenticity and completeness of the documents submitted, including the standby letter of credit, PSALM will declare the winning bidder for the Sucat plant at a later date in accordance with the Bidding Procedures," Mr. Ledesma said.
The oil-fired power plant - located in Sucat, Muntinlupa City - was previously owned by the Manila Electric Co., and later acquired by the National Power Corporation in November 1978. It consists of Unit 1, which has a rated capacity of 150 MW; Units 2 and 3, each with 200 MW; and Unit 4, which is rated at 300 MW.
The Sucat plant was formerly known as the Gardner Snyder Thermal Plant, and officially commenced commercial operations on 01 August 1968 with the completion of Unit 1. Units 2-4 followed operations after their construction in 1970, 1971, and 1972, respectively.
In January 2000, Units 1 and 4 were decommissioned and placed under preservation. Units 2 and 3 followed later in January 2002.
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