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Business

Ranhill, KEPCO team up for Masinloc plant

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Malaysian power firm Ranhill Berhad will partner with Korea Electric Power Corp. (KEPCO) to bid for the 600-megawatt (MW) Masinloc coal-fired power plant, a highly-placed source said over the weekend.

“Ranhill and KEPCO will submit their bid on July 26 for Masinloc,” the source said.

But the source said KEPCO will just do the O & M (operation and maintenance). “The technical aspect will be handled by KEPCO as a contractor.  KEPCO will not make any equity infusion,” the source said.

Under the rules of the Power Sector Assets and Liabilities Management Corp. (PSALM), the bidder should be technically and financially capable to run and maintain the Masinloc power plant.

It was reported last Friday that A Brown Company Inc., is teaming up with Ranhill Berhad to bid for Masincloc.

A Brown and Ranhill Berhad have reportedly formed a joint venture company, Masinloc Consolidated Power Inc., to bid for the plant.

A Brown holds 40 percent of Masinloc Consolidated Power, while Ranhill Berhad holds the rest.

Last year, the government cancelled a deal to sell Masinloc to the YNN consortium led by Ranhill Berhad after it failed to deliver an initial payment of $227.5 million before an agreed deadline.

PSALM decided to attach an aggregate 264.514 megawatts (MW) of power supply contracts to the Masinloc coal-fired plant.

The 22 investor groups that have expressed interest in the bidding for the Masinloc power facility include 15 foreign companies and seven local firms. Of the 15 foreign companies, seven come from the Asia-Pacific region, four from North America, and four from the United Kingdom and Europe.

A BROWN

A BROWN AND RANHILL BERHAD

A BROWN COMPANY INC

KOREA ELECTRIC POWER CORP

MASINLOC

POWER

RANHILL BERHAD

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