Philippines:

PSALM Targets Mt. Apo Geothermal IPPA Turnover this Month (BusinessWorld Online Edition)

The POWER Sector Assets and Liabilities Management Corp. (PSALM) is eyeing the turnover of the Mt. Apo geothermal power plants’ contracted capacities within this month, the firm’s top official said. The state-run power firm is currently completing the post-qualification evaluation of the bids for the contract.

Last month, Gotianun-led FDC Misamis Corp. was named as the top bidder during the auction for the deal with its P128-million offer. FDC Misamis is a subsidiary of FDC Utilities, Inc., which in turn is the utilities arm of the listed conglomerate Filinvest Development Corp.

The top bidder bested its only competitor, SMC Global Power Holdings Corp., which submitted a P50-million bid. While both companies passed the technical and financial requirements, Mr. Ledesma said only FDC Misamis met the reserve price set by PSALM Board.

The winning bidder for the auction will be in charge of selling the capacity generated by the Mt. Apo power plants under two separate IPP contracts. Each of the power plants has a capacity of 54.24 megawatts.

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