MANILA (XFN-ASIA) - The state's Power Sector and Liabilities Management Corp (PSALM) said interested investors have until April 27 to submit their bids for a 600-megawatt coal-fired power plant in Batangas province, just south of Manila.
In June last year, PSALM cancelled a scheduled auction for the power facility after two of three qualified bidders backed out shortly before the deadline for submission of offers. The government scheduled a second bidding for the facility in November, but even that did not push through.
Investors want a transition supply contract attached to the power plant to ensure a guaranteed market for the plant's output.
''PSALM has released the final transaction documents to the bidders so they can now start submitting their proposals for Calaca (power plant),'' said Froilan Tampinco, PSALM vice president for asset management and electricity trading.
Tampinco said PSALM has attached a supply contract equivalent to 83 megawatts, giving the winning investor a small but guaranteed market.
''While we are selling Calaca mainly as a merchant plant, PSALM has attached to it a supply contract equivalent to 83 megawatts, Tampinco said. ''The new owner will only have to look for additional markets and negotiate for its own bilateral contracts with either distributors or big electricity consumers.''
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