November 9, 2015 (updated)
AboitizPower subsidiary Therma Power
Visayas, Inc. (TPVI) welcomes the order of the Supreme Court nullifying the
notice of award of the 153.1-MW Naga Power Plant in Cebu to Salcon Power
Corporation (SPC).
“While we have not received the
official notice regarding the Supreme Court’s decision, we are pleased with
this development as this supports a transparent and fair bidding process that
encourages open competition. We believe TPVI won the bid. Had TPVI not participated,
the government would have sold its asset at a much lower price,” said Benjamin
A. Cariaso, Jr., Business Unit Head.
The Power Sector Assets and
Liabilities Management Corporation (PSALM) held the first bidding for the Naga
Power Plant in 2013. The first two rounds were declared failed bids as only one
bidder, SPC, showed up. TPVI joined the third round and won with a bid of
Php1.089 billion, higher than SPC’s bid of only PhP859 million.
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