State-run Power Sector Assets and Liabilities Management Corp. plans to bid out the 650-megawatt Malaya thermal power plant in Rizal province next month, an official said.
PSALM president Irene Garcia said the agency engaged a consultancy firm for the valuation of the facility and its underlying land.
PwC Philippines obtained the highest score among three consultancy firms during the negotiated procurement anchored on quality-based evaluation procedure that PSALM conducted in March.
“The third-party consultant PWC is almost done with their report. Originally, we scheduled the bid submission this August…But we issued an SBB [supplemental bid bulletin] moving the bid submission date to September,” Garcia said.
She said PSALM decided to pursue the September bid date because the agency needed to comply with the new requirement of the Office of the Government Corporate Counsel.
The OGCC required PSALM to seek clearance for all agreements to be entered into by the privatization firm.
“In the case of Malaya, we will need to enter into an asset purchase agreement with the bidder. Thus, PSALM is now coordinating with OGCC to secure clearance on the provisions of the said APA. Once it is done, we can proceed with the bidding,” Garcia said.
PwC Philippines will be responsible for crafting the financial models and analyses to optimize value for the land and structures of Malaya power plant.
The Malaya plant consists of a 300-MW unit with a once-through type boiler and a 350-MW unit fitted with a conventional boiler. It is one of the remaining big-ticket energy projects the government has yet to privatize.