State-run Power Sector Assets and Liabilities Management Corp. (PSALM) is preparing to privatize the 70-megawatt Bakun hydroelectric power plant in Ilocos Sur by the third quarter of 2026.
The agency said it is seeking a service provider to conduct an independent financial valuation of the facility, with a contract budget of P8 million. Interested firms may submit eligibility documents until April 7, with bid opening scheduled the same day.
PSALM president and CEO Dennis Edward Dela Serna said the plant was previously operated by Luzon Hydro Corp. under an independent power producer (IPP) contract, which ended in early February 2026. Ownership has since been transferred to PSALM, which is now running the facility.
The Bakun plant, located in Alilem, Ilocos Sur, uses water from the Bakun River to generate power through two turbines.
PSALM is tasked with selling government-owned energy assets to help settle debts inherited from the National Power Corp.. As of end-January 2026, its outstanding obligations stood at P260.44 billion.
