MANILA, Philippines - The Power Sector Assets and Liabilities Management Corp. (PSALM), the state agency tasked to privatize power assets, will again attempt to sell the 153.1-megawatt (MW) Naga Power Plant in Cebu.
PSALM has started the sale process with the publication of the facility’s Invitation to Bid, its president and chief executive officer Emmanuel Ledesma Jr. said yesterday.
“After obtaining the necessary approval from the (PSALM) board of directors, we have formalized the commencement of the Naga sale process through the ITB publication,†he said.
Interested parties have until March 31 to submit their bid proposals and are required to pay a non-refundable participation fee of P120,000 by Feb. 14.
“As prerequisite for the issuance of the bidding package, they must also submit a confidentiality agreement and undertaking with PSALM on or before 5 p.m. of Feb. 17,†Ledesma said.
PSALM will hold a pre-bid conference on Feb. 24.
This is the agency’s fresh attempt to sell the Cebu-based facility after two failed tries last year.