By Jordeene B. Lagare July 27, 2020
THE auction of the 650-megawatt (MW)
Malaya Thermal Power Plant and its underlying land in Pililia, Rizal was
further deferred, according to the Power Sector Assets and Liabilities
Management Corp. (Psalm).
The state-led firm, in its latest
supplemental bid bulletin, announced the bid submission deadline is rescheduled
to September 3 at 12 noon.
Psalm previously set the deadline of
July 30 to submit proposals in view of the third-party updating of the Malaya
thermal facility’s financial valuation before the Psalm board of directors sets
the minimum bid price for the power asset.
PricewaterhouseCoopers Philippines
has been commissioned as the consultant for the valuation of the power facility
and its underlying property.
Moreover, Psalm will release the
final asset purchase agreement (APA) to qualified bidders on August 20 or not
later than seven days prior to the deadline.
Psalm will also announce the minimum
bid price to all eligible bidders through a supplemental bid bulletin after
securing its board’s approval.
The issuance of the notice of award
and Psalm executed APA to the winning bidder is now set on September 30 or
within 30 days from declaring the highest-ranking bidder.
The execution of the new accord
between Psalm and the winning bidder’s assignee and submission of assignment
security shall occur within five working days from the approval of the request
for assignment by the winning bidder.
The submission to the Philippine
Competition Commission is set on October 21 or earlier as agreed by parties
involved.
The closing date for this
transaction shall take place on November 25 or two business days from closing.
The Malaya thermal plant is
operational and being dispatched as a must run unit but the Department of
Energy had said the facility is no longer required to operate as such upon its
privatization.
Conducting the third round of public
bidding for the Malaya thermal facility and its land is part of Psalm’s mandate
to settle financial obligations that Psalm assumed from the National Power
Corp.
The state-run firm’s financial
obligation fell to P404.28 billion as of May 14 from P422.01 billion in the
first quarter of 2020.
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