The Philippines’ power sector privatization agency has launched a tender auction for privatization of the 75-MW Ambuklao and 100-MW Binga hydroelectric projects. Letters of interest are due by September 14, followed by bids November 28.
The government’s Power Sector Assets and Liabilities Management Corp. (PSALM) is attempting to raise up to US$5 billion over several years by selling power plants of debt-strapped National Power Corp. (Napocor). In the most recent auction of a hydro project, a consortium of Philippine power producer Aboitiz Equity Venture Inc. and Statkraft Norfund Power Invest of Norway (SN Power) won control of the 360-MW Magat project for a bid of US$530 million. (HNN 8/24/07)
Ambuklao and Binga are located 19 kilometers apart on the Agno River at Bokod and Itogon in Benguet Province of Luzon Island. (HNN 5/18/07) Ambuklao, which has three 25-MW turbine-generators, was completed in December 1956 and has been under preservation by Napocor since 2000. Binga, which has four 25-MW units, was commissioned in 1960.
Letters of interest are due by 5 p.m. September 14 to Chairman, Privatization, Bids and Awards Committee, at the address below. As prerequisite to obtaining a bidding package, prospective bidders must obtain confidentiality agreement and undertaking forms from PSALM, and complete and return them by 5 p.m. September 18 with a fee of US$1,000 in cash, manager’s check, or cashier’s check. Bidding packages will be issued through September 19.
A pre-bid conference is scheduled at 2 p.m. September 26. Due diligence is to be performed through November 21. Two-envelope bids are due by noon November 28.
For information, contact Froilan A. Tampinco, Vice President, Asset Valuation and Disposal, Power Sector Assets and Liabilities Management Corp., 7th Floor, Bankmer Building, 6756 Ayala Avenue, Makati City, Philippines; (63) 2-8938202, extension 202; Fax: (63) 2-8926029; E-mail: [email protected]; Internet: www.psalm.gov.ph.
