Power Sector Assets and Liabilities Management Corp. said Wednesday it issued the notice of award to Fort Pilar Energy Inc., the winning negotiating party that submitted the highest offer of P3.125 billion for the 650-megawatt Malaya Thermal Power Plant and its land.
“Yes, the post qualification process has been completed already and the PSALM board of directors already approved the issuance of a notice of award,” PSALM president Irene Garcia said.
Garcia said the next step was to file the necessary disclosure to the Philippine Competition Commission and request a certificate of non-coverage.
“As soon as that is done, we will proceed with the closing of the transaction [exchange of closing documents by the parties]. Thereafter, the closing date will happen which is when the remittance of payment to PSALM will be done,” she said.
PSALM planned to use proceeds from the successful privatization to pay for the remaining stranded contract costs and stranded debts.