Wednesday, July 16, 2008

Govt offers more state-owned power plants

AVA KASHIMA K. AUSTRIA, Reporter, BusinessWorld
07/16/2008 | 12:36 AM

MANILA, Philippines - The government today opens the sale process for two more power plants but has moved plans to auction off another facility to next year given a legislative hurdle.

The Power Sector Assets and Liabilities Management Corp. (PSALM), in a statement, said the bid invitation for the 146.5-megawatt (MW) Panay and 22-MW Bohol diesel power facilities would be released today.

The planned auction for the 192.5-MW Palinpinon geothermal plant, however, will be moved to 2009 given a congressional panel’s failure to approve a steam supply agreement.

For the Panay and Bohol facilities, PSALM said prospective investors have until July 30 to submit letters of interest. A non-refundable fee of $2,000, a confidentiality agreement, and an undertaking with PSALM will have to be forwarded two days later.

Qualified investor groups will be allowed to conduct due diligence from July 17 to October 27, 2008. A pre-bid conference will be held on August 6 while the actual auction will be staged on October 29.

Palinpinon was originally packaged with Panay but the Joint Congressional Power Commission’s failure to approve a long-term steam supply deal prompted the PSALM board to move the plant's sale to 2009.

PSALM formally announced the withdrawal of the package in a supplemental bid bulletin issued last July 3.

More Power Plants for sale..and you would also expect more politicians greedy eyed on the prospective buyers..As always, you need to have the proper documents..and how would you get the proper documents signed??? Grease money...

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