State-run Power Sector Assets and Liabilities Management Corp. expressed optimism about privatizing the 650-megawatt Malaya Thermal Power Plant and its underlying land this week, after announcing a lower minimum bid price of P2.188 billion.
PSALM set the bid submission for MTPP on Sept. 23 at 12 noon, after which the opening and evaluation of bids will immediately start. All bids are to be submitted to PSALM Office at the 24th Floor of Vertis North Corporate Center 1, North Ave., Quezon City.
“I am hoping that the minimum bid price will encourage bidders to submit their bids so that we can privatize once and for all the Malaya power plant,” PSALM president and chief executive Irene Besido Garcia said.
PSALM said its board set the new minimum bid price after considering various valuation methodologies and relevant factors such as the book value of the asset, the zonal value of the land, the substantial losses incurred and continue to be incurred by PSALM in maintaining the MTPP, the effects of the COVID-19 pandemic on marketability, the electricity demand and the need to have a justifiable price that would lead to a successful public bidding.