By Lenie Lectura - December
6, 2018
THE Power Sector Assets and
Liabilities Management Corp. (PSALM) has pre-qualified four firms vying for the
sale of the Malaya Thermal Power Plant, the land underlying the facility and
all other assets associated with the plant’s structures.
PSALM President Irene Joy Garcia
identified AC Energy Inc., DM Wenceslao & Associates
Inc., DMCI Power Corp. and FGen Reliable Energy Holdings Inc. as “real
serious bidders.”
“They submitted documents and when
we checked their documents, they qualified. It was quite a surprise for us
because while there were 11 bidders who signified intention, the others did not
submit documents,” Garcia said.
The other interested bidders who
earlier expressed interest but did not submit the necessary documents were
Panasia Energy Inc., Quezon Power (Philippines) Ltd. Co., Crown Investment
Holdings Inc., Energy World Power Operations Philippines Inc., Pan Pacific
Renewable Power Philippines Corp., Phinma Energy Corp., Korean firm STX
and SMC Global Holdings Corp.
The plant, which consists of a
300-megawatts unit with a once-through type boiler and a 350-MW unit fitted
with a conventional boiler, is a must-run unit (MRU) that provides
backup power in instances when supply is deficient or unavailable in the Luzon
Grid.
The PSALM board
recently allowed the privatization of the Malaya complex without the MRU
requirement.
PSALM will tap a third-party
evaluator to assess the power plant. The valuation would then be the basis
setting the floor price.
However, PSALM has yet to conduct
another bidding for the selection of the valuator.
“No one submitted because we were
told by the interested companies we are giving the winning bidder a short time
to do the valuation. But the reason for that is for the
privatization bidding for the Malaya plant to not be delayed,” the PSALM
official said.
The PSALM board, she said,
eventually agreed to revise the bidding schedule for the consultancy services
in order to accommodate the requests of interested bidders. Consequently, the
bidding for the Malaya privatization would have to be moved, as well from the
original date which is December 14.
“So, I went back to the board. We
wanted this timetable, but unfortunately, we could not proceed unless we get a
third-party valuation that would become the basis of the board when they put a
value on the amount. So, we had to bite the bullet and revise the calendar so
that we will now release another round of request for participation for the
consultancy this time to allot a much longer period,” Garcia said.
PSALM will soon release a new bid
bulletin.
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