FDC Misamis Power Corp., a unit of Filinvest Development Corp. owned by the Gotianun family, emerged as the highest bidder for the right to manage the output of Mount Apo 1 and 2 geothermal power plants.
Power Sector Assets and Liabilities Management Corp. said FDC Misamis offered P128 million in monthly payment to become the independent power producer administrator of the North Cotabato geothermal power plants, with a rated capacity of 54.24 megawatts each.
PSALM president and chief executive Emmanuel Ledesma Jr. said FDC Misamis topped the P50-million bid of SMC Global Power Holdings Corp. of San Miguel Corp., which also participated in the bidding Wednesday.
The power privatization firm said of the seven prequalified bidders, only the two companies submitted offers before the 12 noon deadline. The winning bidder will sell the contracted capacity of the Mt. Apo geothermal plants.
Ledesma said only the bid submitted by FDC Misamis met the reserve price set by the PSALM board. The agency, however, will still verify the accuracy, authenticity and completeness of the documents submitted by FDC Misamis, including the manager’s check and its full compliance with the bidding procedures, before issuing a notice of award.
Mt. Apo 1 and Mt. Apo 2 geothermal power plants, located in Kidapawan City, North Cotabato, are owned and operated by Energy Development Corp. of the Lopez Group.
Mt. Apo 1 was commissioned on Feb. 15, 1997 while Mt. Apo 2 was commissioned on June 17, 1999 under a build, operate, and own contract scheme.
FDC, meanwhile, is on track to complete its 405-megawatt coal-fired power project at the Phividec Industrieal Estate in Misamis Oriental by 2016.
The company is also looking at a 20-MW coal power project in Danao City, Cebu and plans to put up a 40-MW coal plant in Camarines Sur.
It is also eyeing a 20-MW biomass/coal project in Maco, Davao del Norte.