Bulacan firm offers top bid for idle power plant
MANILA, Philippines—Genetron International Marketing submitted the highest bid for the decommissioned 850-megawatt Sucat thermal power plant, the state run Power Sector Assets and Liabilities Management Corp. (PSALM) said on Tuesday.
In a statement, PSALM president and chief executive officer Emmanuel R. Ledesma Jr. said Genetron offered P602 million for the Sucat facility, outbidding two other companies—Sta. Clara International Corp. and VPD Trading.
“Sta. Clara submitted a bid of P561 million for the … decommissioned power facility, while VPD submitted a bid of P482 million,” Ledesma said. “All three bids exceeded the reserve price set by the PSALM Board for the asset package.”
There should have been a fourth bidder, but its technical and eligibility documents did not pass the qualifications set by PSALM. Its financial proposal was not opened.
“Subject to the confirmation and verification of the accuracy, authenticity and completeness of the documents submitted, including the standby letter of credit, PSALM will declare the winning bidder for the Sucat plant at a later date, in accordance with the bidding procedures,” Ledesma said.
Genetron International, which is based Bulacan, is an accredited treater of waste oil and other hazardous and toxic wastes. It also manufactures solvents and other chemicals.
Located in Sucat, Muntinlupa City, the idle oil-fired power plant was previously owned by power distributor Manila Electric Co., and was then acquired by the state-run National Power Corp. in November 1978. The facility consisted of Unit 1, which has a rated capacity of 150 MW; Units 2 and 3, each with 200 MW; and Unit 4, which is rated at 300 MW.
The Sucat plant used to be the Gardner Snyder Thermal Plant, and officially commenced operations on Aug. 1, 1968 with the completion of Unit 1. The other units started operations as soon as they were built from 1970 to 1972.
In January 2000, Units 1 and 4 were decommissioned and placed under preservation. Units 2 and 3 followed in January 2002.
The Sucat thermal facility was supposed to play a role in the development of the country’s natural gas infrastructure by helping provide the anchor load for the proposed $2.1-billion Batangas-Manila natural gas pipeline project.
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