The Power Sector Assets and Liabilities Management Corp. (PSALM) has received a P473.17 million bid for the privatization of the Maibarara property, a key energy asset located in Batangas and Laguna. The lone bidder, Maibarara Geothermal Inc. (MGI), met the minimum bid price during the auction held on 30 January.
PSALM confirmed that the bid was conditionally accepted, pending a post-qualification process that will verify the accuracy of MGI’s eligibility documents. This process is a standard step before the final award of the property.
The Maibarara property spans approximately 58,911 square meters across three lots in San Rafael, Batangas and Calamba, Laguna. MGI, which is currently leasing part of the property for its geothermal operations, plans to acquire the land to expand its geothermal energy projects, including a steam field and reinjection facility.
The bid marks a significant milestone in PSALM’s ongoing efforts to privatize government-owned power assets. The agency is tasked with managing the sale of energy-related assets to help settle the National Power Corp.’s (NPC) debt, which stood at P273.51 billion by the end of 2024.
MGI, a joint venture between PetroGreen Energy Corp. (65 percent stake), ACEN Corp. (25 percent), and PNOC Renewable Corp. (10 percent), operates the Maibarara-1 (20 MW) and Maibarara-2 (12 MW) geothermal power plants. The acquisition of the Maibarara property is expected to strengthen MGI’s position in the renewable energy sector, furthering its commitment to sustainable power generation.
The privatization of the Maibarara property follows two previous failed attempts to sell the land, signaling the growing demand for geothermal resources and the importance of securing such assets for future energy development.
