South Korea state firm Korea Electric Power Corp. (KEPCO) said Wednesday the second phase of the sale of its non-core energy assets in the Philippines is underway.
Last June 2022, KEPCO appointed Samil PwC as financial advisor on the sale of its 60-percent stake in a thermal power plant in Cebu under KEPCO SPC Power Corp. (KSPC) and its 40-percent stake in SPC Power Corp. (SPC).
KEPCO said that since October, several domestic and foreign bidders have expressed high interest in the assets and subsequently submitted preliminary bids amid the country’s rising electricity demand and reliance on coal as power source.
The company said shortlisted bidders have conducted site visits and undergone due diligence with their final offers submitted and an agreement signed seen within the first quarter this year.
KEPCO also said this development further strengthened its commitment to carbon neutrality and the total phaseout of coal by 2050.
Its other investments in the country include a partnership with Solar Philippines Calatagan Corp. even as it scouts for more potential renewable energy projects.
KSPC is a joint venture between KEPCO Philippines Holdings, Inc. (KPHI) and SPC which owns and operates a coal-fired 200-megawatt circulating fluidized bed (CFB) power plant in Naga, Cebu.
The coal plant’s CFB technology uses an environmentally optimized combustion process and considered a plus factor by investors.
