Power Sector Assets and Liabilities Management Corp. (PSALM) has tapped PricewaterhouseCoopers Philippines (PwC) as consultant for the appraisal of Malaya Thermal Power Plant in Rizal and the land where it is located after failing twice at a public bidding and four times at a negotiated sale.
PwC scored highest among three competing consultancy firms during the negotiated procurement anchored on a quality-based evaluation procedure that PSALM conducted in March, the state firm said in a statement.
“As the winning principal consultant, PwC Philippines shall be responsible for the crafting of financial models and analyses to optimize value for the land and structures of Malaya TPP,” Psalm said.
“The sub-consultant, Asian Appraisal Co. Inc. shall be responsible for appraising the land underlying the Malaya TPP and is bound by the same terms and obligations that apply to the principal consultant,” it added.
PwC is expected to present the results of its valuation to Psalm’s board in August, on the same day of the conduct of the public bidding for the Malaya TPP and its underlying land.
In January, Psalm awarded the 2019 service contract for the operation and maintenance of the 650-megawatt Malaya plant to Korean firm Soosan ENS Co. Ltd.
The contract is good for one year or until the plant’s privatization.
Soosan ENS was declared the lowest compliant bidder with its offer of P205.73 million. Psalm’s approved budget for the transaction was P213 million. —RONNEL W. DOMINGO