The Power Sector Assets and Liabilities Management Corp. (PSALM) on Tuesday bared having attracted 14 bidders for the 165-megawatt Casecnan Hydroelectric power plant.
The Casecnan plant is a run-of-river power plant with a limited impounding area in Pantabangan, Nueva Ecija whose build-operate-transfer (BOT) agreement lapsed in December 2021.
Among those who showed interest were Fresh River Lakes Corp.; Neptune Hydro, Inc.; Sta. Clara International Corp.; GigaAce 11 Inc.; Pan Pacific Renewable Power Philippines Corp.; Semirara Mining and Power Corp.; Global Hydro Power Corp.; Belgrove Power Corp.; Axia Power Holdings Philippines Corp.; Panasia Energy Inc.; Hansan Solar Corp.; San Roque Power Corp.; Peakpoint Inc.; and the joint venture between EEI Power Corp., Soosan ENS Co. Ltd. and Soosan Industries Co. Ltd.
Dennis Edward Dela Serna, PSALM president and CEO, said in a statement the deadline for the sale on as-is cash basis is on March 28 this year.
Among the issues discussed at the pre-bid conference were tax laws and regulations that could impact the successor company, the role of the winning bidder in crafting a Special Use Agreement in Protected Areas with the Department of Environment and Natural Resources, and water permits for power generation and irrigation.
Also discussed were permits still in force or yet to be secured by the winning bidder, the observance of indigenous peoples rights when the new owner takes over management, and safety considerations prior to inspecting the plant.
The PSALM is selling power-related government assets to pay for outstanding obligations inherited from the National Power Corp. aggregating P346.8 billion as of end-2022.
