The Power Sector Assets and Liabilities Management Corp. (PSALM) said it is evaluating at least two unsolicited proposals to privatize the Agus-Pulangi hydroelectric complex in Mindanao.
PSALM president Dennis Edward Dela Serna said one proposal has already passed the government’s public-private partnership (PPP) screening process. He confirmed one offer comes from a consortium but declined to give details.
Dela Serna stressed that the government will only allow privatization if the winning bidder commits to rehabilitate the aging hydro facilities first. PSALM aims to finish the privatization process by next year, with the rehabilitation targeted for completion between 2027 and 2028.
The Agus-Pulangi complex—one of the government’s remaining major power assets—has an installed capacity of 1,000 megawatts, but only about 600 MW is currently operational, according to the Department of Energy. The rehabilitation requirement is meant to restore full capacity.
PSALM is tasked with privatizing state-owned power assets to help settle debts inherited from the former National Power Corp.
