01 Dec 2015
Ten of 12 prospective bidders participated in the pre-bid conference for the second round of bidding for the structures, plant equipment, auxiliaries and accessories of the decommissioned 850-megawatt (MW) Sucat Thermal Power Plant (STPP) conducted successfully by the Power Sector Assets and Liabilities Management (PSALM) Corporation last Friday (27 November 2015).
"PSALM is pleased with the interest shown by investors in this privatization activity, which is among the highly participated disposal initiatives of the Corporation. It has attracted 12 prospective bidders, two of which are foreign companies. We are appreciative of the continued enthusiasm of the private sector for the government's privatization program," said Atty. Cecilio B. Gellada Jr., PSALM acting vice president and general counsel, in his welcome remarks.
PSALM expects to optimize the proceeds to be generated from the STPP transaction, and to use the revenue to contribute to liquidating the financial obligations it assumed from the National Power Corporation (NPC).
Atty. Gellada assured the participants that the bidding processes would be efficient, fair and transparent.
PSALM is selling all plant equipment, structures, auxiliaries and accessories of the STPP on an "as is, where is" basis. The bidding is set on 17 February 2016, a Wednesday.
Located in Sucat, Muntinglupa City, the STPP is an oil-fired power plant that was previously owned by the Manila Electric Co., and was later acquired by NPC 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.
Formerly known as the Gardner Snyder Thermal Plant, the Sucat facility officially commenced commercial operations on 01 August 1968 after the completion of Unit 1. Units 2-4 started operating in 1970, 1971, and 1972, respectively. In January 2000, Units 1 and 4 were decommissioned and placed under preservation. Units 2 and 3 were shut down in January 2002.
Corporate Communications Division