Fresh River Lakes Corp. of First Gen Corp. on Tuesday submitted the highest offer of $526 million for the 165-megawatt Casecnan hydroelectric power plant in Nueva Ecija province, sources said Tuesday.
Sources said Fresh River bested the other offers of the Yuchengco-owned EEI Power Corp. in partnership with Soosan ENS CO. LTD., Soosan Industries Co. Ltd. and Mapalad Power Corp. at $298.899 million and of SN Aboitiz Power Corp.’s Nepture Hydro Inc. at $258 million during the bidding on Tuesday.
Power Sector Assets and Liabilities Management Corp. set the minimum bid price for the sale of CHEPP at $227,272,727.28 upon the recommendation of the Privatization Bids and Awards Committee.
The other interested bidders for CHEPP were Semirara Mining and Power Corp., Global Hydro Power Corp. of Global Business Power Corp., Panasia Energy Inc., GigaAce 11 Inc. of ACEN Corp. and Romero-owned Belgrove Power Corp.
PSALM scheduled the post-qualification of the highest-ranking bidder on May 17 to May 23. The issuance of the notice of award to the winning bidder is scheduled on May 26.
It is expected to use the proceeds from the CHEPP privatization to reduce its outstanding financial obligations. Alena Mae S. Flores
CHEPP is a “run-of-river” type of power plant with a limited impounding area at Sitio Pauan in Barangay Villarica, Pantabangan, Nueva Ecija.
The facility was covered by a build-operate-transfer agreement which ended on Dec. 11, 2021.