By Jordeene B. Lagare May 12, 2021
FORT Pilar Energy Inc. unveiled its plans to construct a modern energy facility to improve the power supply situation in Luzon.
In a statement on Tuesday, Fort Pilar Energy said the planned facility would rise where the Malaya thermal plant is situated.
“The Malaya plant further bolsters the growing energy asset portfolio of Fort Pilar Energy. Similar to our earlier investments, we envision a modern energy facility in the site to strengthen the power situation in Luzon,” Joseph Omar Castillo, chief executive officer of Fort Pilar Energy, said.
After several attempts to auction it off, the Power Sector Assets and Liabilities Management Corp. (Psalm) has finally privatized the 650-megawatt (MW) Malaya Thermal Power Plant (MTPP) in Pililla, Rizal.
The state-run firm declared Fort Pilar Energy as the winning negotiating party after the latter submitted the highest bid offer of P3.123 billion. This was higher than the minimum offer price of P1.845 billion set by the Psalm board of directors.
The sale of the MTPP is on an “as-is where-is” basis, which includes the 300-MW Unit 1 and the 350-MW Unit 2, as well as the underlying land.
Castillo said Fort Pilar Energy is looking forward to sealing the deal for the sale of the Malaya thermal facility to bolster government funds for Covid-19 efforts.
“We are cognizant that our bid of P3.125 billion will not only help pay the stranded debts of Napocor (National Power Corp.) but also provide fresh funding for the government,” he added.
For the duration of its corporate life, Psalm is mandated by law to settle financial obligations, which it assumed from Napocor by selling power assets.
Established in 2019, Fort Pilar Energy said it is run by highly experienced technical professionals and personnel with a strong backbone in the energy industry.
The company said it “aims to facilitate rural development and boost industrialization by modernizing the Philippine electrical system — particularly the stability and quality of power in the rural areas.”
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