Bulacan-based chemical manufacturer Genetron International Marketing submitted the highest bid of P602 million for the decommissioned 850-megawatt (MW) Sucat Thermal Power Plant in an auction conducted by the state-owned Power Sector Assets and Liabilities Management (PSALM) Corp.
Genetron International Marketing topped the offers of two other competitors, Santa Clara International Corp. and VPD Trading, PSALM President and Chief Executive Officer Emmanuel Ledesma Jr. announced after the auction held on Monday.
Sta. Clara submitted a bid of P561 million for the Metro Manila-based decommissioned power facility, while VPD made an offer of P482 million, Ledesma added.
Genetron is an industrial inorganic chemical manufacturing firm.
In a bid to privatize the decommissioned plant, PSALM put it on sale among interested private investors.
Located in Sucat, Muntinlupa City, the oil-fired power plant consists of Unit 1, which has a rated capacity of 150 MW; Units 2 and 3, each with 200 MW; and Unit 4, which is rated at 300 MW.
The Sucat plant was formerly known as the Gardner Snyder Thermal Plant, and officially commenced commercial operations on 01 August 1968 with the completion of Unit 1. In January 2000, Units 1 and 4 were decommissioned and placed under preservation. Units 2 and 3 followed later in January 2002.
Subject to the confirmation and verification of the accuracy, authenticity and completeness of the documents submitted, the winning bidder is yet to be declared by PSALM in accordance with the Bidding Procedures.
It was reported earlier that nine investor groups were interested in participating in the bidding for the Sucat plant.
“As PSALM kicks off its 2014 privatization activities with the sale of the decommissioned Sucat plant, we’re pleased to report the participation of these nine investor groups,” Ledesma said at the time.
According to him, these nine prospective bidders consisted of six Filipino groups and three foreign firms.
At another auction held late Monday, PSALM declared Therma Power Visayas, Inc., a unit of Aboitiz Power, filed the highest offer in the third round of bidding for the sale of the 153.1-megawatt (MW) Naga Power Plant in Cebu.
The Naga plant consists of the 52.5-MW Cebu 1 and 56.8-MW Cebu 2 coal-fired thermal power plants, and the 43.8-MW Cebu Diesel Power Plant 1 composed of six (6) 7.3-MW bunker-C fed power units. The power plants are located in Colon, Naga City, Cebu.
PSALM has failed to award the Naga Power Plant complex twice last year because of a lack of interest among investors.