The privatization of the decommissioned 850-megawatt Sucat Thermal Power Plant in Muntinlupa City drew the interest of six bidders, Power Sector Assets and Liabilities Management Corp. said Wednesday.
“The successful sale of this asset advances the interest of the government as the proceeds will be part of the additional funding source for the liquidation of the National Power Corp’’s debts assumed by PSALM,” officer-in-charge Lourdes Alzona said Wednesday.
PSALM completed the pre-bid conference for the Sucat privatization on Monday which sought to clarify provisions on the sale of facility and help the bidders arrive at an optimal business decision.
PSALM will proceed to the bid opening at 12 noon on May 31.
“Since the submission of the letter of interest has been lengthened to attract more participants and generate a more competitive privatization process for STPP, PSALM will still accept LOIs, including other documentary deliverables, from prospective bidders even after the pre-bid, until 12 p.m. of 24 April 2017,” the agency said.
PSALM was supposed to rebid the Sucat facility last year but it had to wait for clearance from the Environment Department.
PSALM manages the assets and liabilities of National Power Corp. as mandated by the Electric Power Industry Reform Act.
The PSALM board approved the privatization of the decommissioned plant in September last year.
PSALM declared the second round of bidding for the Sucat thermal power plant in April after the three qualified bidders did not meet the reserve price.