Published May 7, 2021, 5:13 PM
Filipino firm Fort Pilar Energy Inc. emerged as the winning buyer of the 650-megawatt Malaya thermal power facility with P3.123 billion price offer – the divestment process of which was through a negotiated deal consummated on Friday (May 7).
State run Power Sector Assets and Liabilities Management Corporation (PSALM) announced that the plant’s negotiated sale was a “success”; and the tendered purchase price for the Malaya facility had been way higher than the set minimum offer price of P1.845 billion.
The winning offer of Fort Pilar Energy heftily exceeded the P2.22 billion bid of AC Energy Corporation of the Ayala group, which also showed sustained interest in the Malaya thermal facility.
Fort Pilar Energy beats AC Energy for Malaya plant on May 7, 2021 at 5:59 pm
Fort Pilar Energy Corporation outbid Ayala-led AC Energy for the ownership of the 650-megawatt (MW) Malaya Thermal Power Plant (MTPP) in Pililla, Rizal.
Government-run Power Sector Assets and Liabilities Management Corporation (PSALM) declared Fort Pilar Energy as the winning negotiating party, as it submitted the higher bid amounting to Php3.12 billion. On the other hand, AC Energy’s bid was worth Php2.22 billion. Both bids were above the Minimum Offer Price of Php1,845,222,000.
“After several attempts to privatize MTPP the last two years, we are very happy to have finally received financial bids substantially above our Minimum Offer Price. We are glad that this culminated in a successful privatization,” PSALM President and Chief Executive Officer Irene Besido-Garcia said in a statement.
Published April 30, 2021, 4:19 PM
The prospective bidders in the 650-megawatt Malaya thermal power plant had been trimmed to two companies, from originally 4 to 5 companies, but state-run Power Sector Assets and Liabilities Management Corporation (PSALM) said it is still keen on divesting the facility via a negotiated deal by May 7 this year.
In the roll of remaining prospective takers are AC Energy Corporation of the Ayala Group and Fort Pilar Energy Inc., according to PSALM. The plant has two units – with unit 1 having an installed capacity of 300 megawatts; and unit 2 is of 350MW capacity.
The asset-seller firm said the two companies have “submitted all their documentary requirements within the deadline given, and these requirements were found to be in order and acceptable.”
Government generating power again? on April 29, 2021 at 9:08 pm
Two decades after the government let go of generating power, it’s considering a return in order to boost power reserves in the wake of thin supply, especially during the peak months.
In the hearing of the Joint Congressional Energy Commission on Tuesday, Energy Sec. Alfonso Cusi said that the plan is to have the government build and operate the plant as a reserve, then have it privatized along the way.
One example he cited was that of the Casecnan hydroelectric power plant in Pantabangan, Nueva Ecija, which the government could take over and operate as a reserve.