Power Sector Assets and Liabilities Management Corp. will re-bid the Manila Thermal Power Plant land as soon as it finalizes the terms of the transaction.
PSALM president and chief executive officer Irene Joy Besido-Garcia declared the first public auction a failure after no bids were submitted during the August 15 deadline.
Garcia said PSALM will look into the reasons why the four bidders, who initially purchased bid documents, decided not to participate in the auction.
The MTTP Land covers an area of about 20,975 square meters in Isla de Provisor along Pasig River in Paco, Manila.
Prior to the decommissioning of MTPP in 2000, it provided electricity to users in the Luzon grid.
The decommissioned MTPP was privatized in 2009, with the proceeds used for the liquidation of maturing power sector debts.
The MTPP’s privatization paved the way for a complete clean-up of the land.